Food-to-go and juice bar group Crussh has been rescued after collapsing into administration, saving more than 160 jobs.
Recovery firm FRP Advisory was appointed as administrator of Krush Global Ltd, which trades under the Crussh brand, on 9 January.
On appointment, it immediately secured a pre-pack sale of the company to an investor group, which was not named by FRP.
Crussh operates from 10 sites across London and one in Winchester, selling a range of healthy on-the-go products such as oat pots, sandwiches and wraps, salad pots, and juices and smoothies.
It also supplied food-to-go products to major retailers across the UK, including Sainsbury’s, WH Smith and Ocado.
Established in 1998 as an independent juice bar in London, the company expanded its reach and offering over the years, including striking a partnership with foodservice giant Sodexo and signing a franchise deal with food-to-go operator SSP Group.
However, the pandemic hit the company hard, resulting in all its stores being forced to close temporarily and demand for food-to-go disappearing.
Revenues collapsed from £14.1m to just £3m in the year ended 31 March 2021, with losses widening from £1.9m to £2.8m, according to the most recent Companies House accounts.
The company was backed by PE firm Hattington Capital following a deal in 2015.
FRP said the sale of the business would allow the brand to continue, with the vast majority of employees transferring to the new owner.
“We are pleased to have secured a positive outcome for a long-established business that has sought to navigate through the range of challenges facing the hospitality and catering sector because of the pandemic,” FRP joint administrator Ian Corfield added.
“Crussh is a well-known and strong brand, and the deal ensures that trading will be unaffected with the continuation of supply to customers and the vast majority of sites and employees transferring across to the new owners. We wish the new management team every success as they take the business forward.”
Reflecting the short shelf life of the products sold by Crussh, FRP said it was working co-operatively with the new investors to maintain customer supply through a short transitional period.
Under the terms of the sale, eight sites will transfer over to the new owner. The sites at Canary Wharf and Westway, as well as the concession within the Everyone’s Active gym at Winchester, will be closed.
Law firm Irwin Mitchell advised FRP throughout the transaction, while Hilco Valuation Services offered valuation advice.
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