Administrators still hope to find buyer for gin firm
Tue, 31 Jan 2023 | ADMINISTRATION
Administrators from Begbies Traynor say they still hope to find a buyer for gin producer Burleighs Gin, after newly released documents showed that the company’s debts stood at around £1.58 million when it collapsed in early December 2022.
In mid-December, administrators said a preferred buyer for the Leicestershire-based distillery had been found, with hopes that a deal would be completed by Christmas. Although more than a month has now passed since that deadline, the administrators say the sale of Burleighs as a going concern is “ongoing”.
Begbies Traynor say they remain hopeful of finding a new owner for the company and added in an update on the administration process that the business “is not going to be liquidated”.
A new statement added to Companies House showed that, as of December 5 2022, Burleighs’ debts amounted to more than £1.5 million, with major creditors including Autarky Ventures Ltd (previously Burleighs Holdings Ltd – which was owed over £852,000), HMRC (£294,500) and FSE Group (£268,000, for a loan the firm issued on behalf of the Midlands Engine Investment Fund).
Burleighs stopped taking orders and began looking for a buyer in November 2022, subsequently entering administration as a result of a winding up petition issued by HMRC. Bai Cham and David Elliott of Begbies Traynor were named joint administrators to the company in early December.
The company was launched in 2014 and produced a variety of gins, including products for Leicester City Football Club and Leicester Tigers. The company announced it was planning to scale-up its operations in February 2021 after receiving £250,000 in investment from the Midlands Engine Investment Fund.
This financing was earmarked for the launch of new products and to help the firm grow its export sales in Europe and the Far East, as well as to expand in the US.
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