Pinsent Masons advises Grant Thornton on the pre-pack sale of CB Imports
02 Dec 2020 | 11:48 am | 1 min. read
Multinational law firm Pinsent Masons has advised joint administrators, Christopher Petts and Richard Lewis of Grant Thornton UK LLP, on a pre-pack administration sale of the business and assets of CB Imports, trading as "Country Baskets."
Under the deal, Country Baskets (floristry retailer and wholesaler) agreed to the sale of the majority of the business and assets as a going concern to APAC – a Leicester based importer and distributor of floristry and horticultural products. The acquisition by APAC will see 200 jobs saved.
Restructuring partner Dawn Allen led the Pinsent Masons’ team, assisted by Senior Associate Faith James and Associate Laura Labunet, with a multidisciplinary team of advisers providing specialist support: Jon Fisher (Employment), John Edwards (Property), Andrew McCarthy (Tax) and Mark McCall (Property).
Commenting on the deal Dawn Allen said:
"We are proud to have advised the administrators on the pre-pack administration sale of the business and assets of CB Imports. The business, which has its roots in Yorkshire, has been given a new lease of life under the ownership of APAC, a well-established trader in the sector. The sale of the business will secure the employment of over 200 people and operations will continue at five of the eight stores."
Christopher Petts, Grant Thornton UK LLP added:
"We are very pleased to have completed a going concern sale of large parts of the business, which secures the continued employment for a loyal workforce in these challenging economic times, particularly in the run up to Christmas.
"APAC appears to be a very good home for the business and will hopefully oversee a turnaround in its trading fortunes."
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