Overview:
Exigen completed the successful sale of the business and assets of P&M Butchers Limited, safeguarding the majority of employees and ensuring the continuation of its award-winning products. Established in 1984, P&M Butchers built a strong reputation for quality and has won numerous gold medals for its sausages. As the business grew, Managing Director Tony Baldock expanded operations, opening a second production site in St Neots, Cambridgeshire, in 2016.
Financial Challenges:
The expansion project encountered a number of unforeseen challenges, placing significant financial strain on the wider business. Despite efforts to stabilise trading, the company faced ongoing difficulties, leading the Director to seek professional advice. Simon and Daniel Plant of Exigen were appointed Joint Administrators on 25 April 2018.
Simon Plant of Exigen Group said:
“This business has a proud heritage and a loyal following among high-end customers. Despite producing an award-winning product, trading pressures can impact even the most reputable businesses. It’s crucial for directors to take a holistic view of their operations and seek professional advice early to prevent problems from escalating. In this case, we’re pleased that production has continued and that the majority of staff remain in employment.”
Outcome:
During the Administration, Exigen continued to trade the business and maintain production while undertaking a marketing process. A sale of the business and assets was successfully completed on 4 May 2018 to P&M Sausages Limited, preserving the future of the brand and the jobs of most employees.