UK butchers chain Crawshaw Group has sold certain business and assets of the company to Loughanure for £1.4m ($1.78m) through a sale process conducted by its joint administrators.
During the sale process, the administrators received more than 50 expressions of interest in parts or all of the group’s business.
Crawshaw operated 54 butchers’ stores across England and the Midlands, as well as a distribution centre in Astley, Greater Manchester, and a distribution and production facility in Hellaby, Rotherham.
Last month, the retailer appointed administrators to secure a sale of the group’s business and assets putting 354 jobs at risk.
The group said that the move followed “years of financial losses and an unsuccessful attempt to raise the additional investment required to fund a restructuring plan.”
Crawshaw’s directors closed 35 stores and the Astley distribution centre before appointing the joint administrators.
The deal covers the remaining 19 stores along with a production and distribution facility in Hellaby.
As part of the sale, substantially all of the group’s realisable assets were sold.
In addition, the joint administrators are now focusing on marketing the sale of certain closed stores and related assets, as well as recovering outstanding debtors.
Loughanure will now continue to operate Crawshaw business. The company has also secured new continued employment for 240 employees of the group.
Crawshaw currently owns a long leasehold property in Grimsby, short leasehold interests in closed stores, surplus store equipment and a number of vehicles.