Beleaguered Crawshaws meat retailer stores sold in deal
Beleaguered Crawshaws meat retailer stores sold in deal
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Crawshaws, which has outlets across the north of England and the midlands, has been sold in a £1.4m deal
A struggling meat retailer business has been sold to a an entrepreneur for £1.4m, saving 240 jobs.
Crawshaws had more than 50 stores in the Midlands and north of England.
In October the firm said it did not have “sufficient cash resources” and closed 35 stores along with a distribution centre shedding 350 jobs.
Now the remaining 19 stores and a South Yorkshire production centre have been sold to Loughanure which is controlled by businessman Tom Cribbin.
Through Cribbin Family Butchers, Mr Cribbin previously operated a chain of butchers stores in the Republic of Ireland and sold Gabbotts Farm to Crawshaw in 2015.
The collapse of Crawshaws came after several years of financial losses.
According to its latest set of results for the six months to 29 July, the group posted revenue of £21.6m and a pre-tax loss of £1.7m.
Following the sale, administrators EY are set to assess how the proceeds of the sale are to be divided between creditors.
Shares in AIM-listed (junior stock market) Crawshaws remain suspended and its stock will be cancelled following the deal.
