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A well-established specialist UK manufacturing food business. The company operates in the very lucrative cooked meats market and covers the ingredient, food service and retail sectors. They are currently on target for £6 million turnover and a net profit approaching £200,000 (having achieved over £8.5 million prior to a rationalisation process).
The business is currently running ahead of budget in sales, gross and net profit. The first fourteen weeks of NewCo trading produced £1.526 million turnover, £573,000 gross profit (37.6%) and a net profit of £66,000 (4.3%). This has been achieved despite a lack of working capital and additional one-off costs. The asset register shows over £900,000 in unencumbered assets including recently purchased machinery. The budget shows a conservative growth over three years to £7.5 million, with a net profit of £1.26 million. The directors are confident of their ability to grow the business to £20 million+ and achieve a trade sale in 3/5 years.
Ref: JO11 130
A statutory demand is a written demand for payment of a debt, in a prescribed form, served on either: An individual, in accordance with section 268(1)(a) of the Insolvency Act 1986 (IA 1986). A company, in accordance with section 123(1)(a) or 222(1)(a) of the IA 1986. This practice note provides more detail (Statutory demands and […]View More
David LLoyd, Robinhood Consulting View More
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