Turners of Bond Street sold out of liquidation
The West Midlands producer of traditional bacon, Turners of Bond Street, has been sold out of liquidation, saving 13 jobs.
The meat processing company is a family-owned business, based in West Bromwich, which sells to a range of independent companies, including hotels, restaurants, caterers and small supermarkets.
The company appointed liquidators from insolvency and restricting firm CVR Global on 25th November 2016.
Craig Povey and Richard Toone, partners at CVR Global, were appointed joint-liquidators and now have sold the company assets to local entrepreneurs Paul Atkins and Paul Moore.
The business will continue to trade with the label Turners of Bond Street and Peter Turner, who has been with the company for nearly 40 years has been appointed non-executive director by the new owners.
According to Povey, Turners of Bond Street had ran into financial difficulty which was partly caused by soaring import costs of raw materials, following Brexit.
Povey commented: “We’re pleased to have been able to move quickly to find new owners and to secure a sale of the assets of the company and save all 13 jobs.
“Paul Atkins and Paul Moore will be making further investment into the company to take the business forward, with the aid of Peter Turner who returns to the business as non-executive director.”
The new owners of the company are planning to expand the business into new markets.
Moore said: “We’re delighted to have completed this deal and look forward to growing the business.
“We believe there are good opportunities to expand further in the artisan market and build on Turners of Bond Street’s strong reputation and enable the business to thrive for many years to come.”