British Corner Shop IP acquired from administrators by property firm
Fri, 05 Apr 2024 | BUSINESS SALE
The intellectual property of global food retailer British Corner Shop has been acquired out of administration. The Bristol-based retailer, which sold more than 6,000 British food brands to customers and UK expats around the world, had suffered in the face of sustained financial difficulties, which meant it was unable to meet its liabilities.
The company, which was founded in 2004, had previously fallen into administration in March 2023, due to a combination of COVID-19 and Brexit-related headwinds, before being acquired by Rcapital the same month.
However, even after this rescue, the company suffered “ongoing financial challenges” relating to Brexit and the pandemic. As a result, the firm fell into administration for the second time in less than a year on January 2 2024.
Jonathan Dunn and Matthew Whitchurch of FRP Advisory were appointed as joint administrators. Upon their appointment, all 20 employees were made redundant and the business ceased trading.
The joint administrators have now concluded a sale of the business’ intellectual property to UK Food Brokers Limited, a subsidiary of property company Magna Homes. Magna Homes is seeking to diversify into the ecommerce market and, following the acquisition, is also planning to set up a new distribution centre in the North East of England.
Announcing the acquisition, Magna Homes director Harvey Hayer said that the company was “actively looking for further opportunities within the sector.”
Hayes added that the group was also “expanding its fast growing housebuilding and construction divisions” and was continuing to acquire development sites, with the company on track to develop an additional 200 family homes over the next two years.
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