More than 50 jobs have been saved after a buyer was found for a Bunwell business which had gone into liquidation.
Frank Dale Foods Limited, passed into liquidation on Tuesday, February 28.
In the run up to liquidation McTear Williams and Wood, a Norwich-based business rescue and insolvency specialists, advertised the business and assets for sale as a going concern. And after 31 sales packs were sent out and six interested parties visited the site, the business was sold to newly-formed Finedale Foods Limited on March 1.
It ends more than 20 years of trading for Frank Dale Foods.
Liquidator Andrew McTear said there had been “keen interest,” and the bid “should secure” future employment for most of the 57-strong workforce.
“This will result in a significant dividend to creditors so we see this as a win win outcome,” he added.
Edward Miles, owner and CEO of the newly formed Finedale Foods Limited said “I looked to invest and manage the company prior to the liquidation but the depth of the company’s financial crisis made that impossible.
“Buying the business and assets out of liquidation made sense and I am delighted to be the successful bidder with support from Angel Investors, the LEP and the local Council who all worked quickly to support the bid.
“It is early days but we have already restarted production and opening new accounts with customers and suppliers.
“The team on site are working extremely hard to satisfy a backlog of customer orders and we will continue to build the Frank Dale brand.”