PomeGreat gets another lease on trade, brought back from administration
Leave a CommentPomegranate drinks producer RJA Foods Ltd in Wick, which trades as PomeGreat, might be on its way to recovery, after being sold to a new company ACPT Ltd after entering administration.
According to a news report in the local media, the new company is formed out of a former director and a new investor, and the deal has managed to salvage the jobs of all staff members.
Gerald Krasner of Begbies Traynor was appointed joint administrator of RJA Foods a couple of weeks ago, and is quite happy with the results of the deal, especially since it will provide a "substantial return" for its creditors
"PomeGreat is one of the best known brands of fruit drinks in the UK with excellent distribution and a loyal customer base. Unfortunately, its parent company suffered from pressure on margins and increased competition.
Having approached some of the company’s competitors, as we expected, there was strong interest in acquiring the business and three bids were submitted. The sale to ACPT Ltd is great news for the business, staff and customers and, based on estimated realisations, creditors will receive, at minimum, a very substantial dividend.
"In the hands of its new owners, the business is in an excellent position to build on the strength of its PomeGreat brand," said Mr. Krasner.
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