Moorfields appointed Administrators over Wholesale Butchers
Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over Rowswells & Lees Limited, a wholesale butchers operating in Essex.
Rosewells & Lees Limited specialised in the supply of wholesale fresh and frozen meat products to the leisure industry. The well established company had traded for over 20 years supplying high quality produce sourced from Smithfield market, to a number of well known restaurants and hotels around the South East.
In 2011 the company started to experience financial difficulty after it suffered from the loss of a major contract which accounted for 50% of its turnover. Moorfields were instructed by the secured lender to assist the management team with the distressed trading period, financial due diligence and an exit strategy.
Following a period of marketing, a pre-pack sale of the business was achieved protecting the trade and employees.
Simon Thomas, Moorfields Partner said “Our early involvement meant we were able to guide the management team through a distressed situation allowing us to reduce operations, protect the creditors’ interests and devise the most appropriate exit strategy. Had we not been involved at an early stage it is likely trade would have ceased and the goodwill value of the business would have been lost.
Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.