Crediton Confectionery Limited has purchased Bristow’s Confectionery Limited from Grant Thornton LLP, the administrator of Bristow’s Confectionery.
Joseph Miller, Corporate lawyer at Keystone Law, acted for Crediton Confectionery on the purchase of Bristow’s Confectionery, which went into administration on 13 September 2011, from accountants Grant Thornton.
Bristow’s Confectionery was founded 80 years ago and was a large scale UK manufacturer of toffee, fudge and bon bons from premises in Crediton, Devon. Its products were sold to a broad retail and wholesale client base, usually under the Bristow’s brand, white labelled or in bulk. However the firm ran into financial difficulties last year and the factory closed in October.
Crediton Confectionery was formed by a team of investors including: David Ives, a West Country based turnaround manager, Andrew Hunt of Pembridge Capital Partners, which is a company turnaround investment and management firm and Alan Thomas of the Xtra Market, a specialist investment firm. The sweet factory has now re-opened as Crediton Confectionery and taken on 30 former Bristow’s Confectionery employees with a further 20 hires expected in 2012.
David Ives, of Crediton Confectionery, said: “Bristow’s has always had a very good name and an excellent workforce and I am delighted we were able to purchase the company from Grant Thornton. It is very pleasing to get the factory back up and running with many of the firm’s former employees. We would like to thank Joseph Miller, of Keystone Law, for his excellent advice throughout.”