A Devonshire sweet factory has been bought out of administration, thereby saving over 70 jobs.
The newly founded Devon Sweet Factory has bought Crediton Confectionery for an undisclosed sum. This was after the latter ran into financial problems and fell into administration in October, 2016.
FRP Advisory’s Andrew Sheridan and Gareth Morris were appointed as Crediton Confectionery’s joint administrators on October 25, 2016. According to them, the acquisition will see 74 jobs secured at the factory and also ensure that trading for the company went on uninterrupted.
Sheridan was quoted saying how delighted they were to have safeguarded the future for ‘this long established’ Devon sweet maker that has for over 80 years ‘put a smile on generations of confectionery lovers’.
Building up the Business
Danielle Ives, Devon Sweet Factory’s Managing Director said it was welcome news for both customers and employees, and there was much excitement about the prospects for this new undertaking. The MD looked forward to establishing the business to enable it to reach its full potential.
Ives thanked FRP Advisory for the competent and sensitive way they managed an extremely tricky process.
Crediton Confectionery was established in in 2011 following David Ives’ acquisition of the factory from Devon sweet manufacturer, Bristows, after it closed its doors, resulting in the loss of 73 jobs.
This sale makes it the second time in a span of five years that Crediton factory has been bought out of administration.
Presently, the factory makes Bristows Bon Bons, together with its Tuckers assortment of toffees, boiled sweets, as well as fudge.
There have been several purchases of sweet manufacturers over the last 11 months and the acquisition of Crediton Confectionery by Devon Sweet Factory is among them.