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Oliver Adams Ltd – Proposed Company Voluntary Arrangement

Oliver Adams Ltd – Proposed Company Voluntary Arrangement

27 May 2016: Long standing Northampton based bakers Oliver Adams Limited (the “Company”) has been experiencing some trading difficulties and are proposing a Company Voluntary Arrangement (“CVA”) to creditors which, it is hoped, will see the restructured Company, returned to profitability and able to trade on for many more years to come.

The Company, which was incorporated in April 1969, has been a stalwart of Northampton providing quality breads, sandwiches and confections to local customers for many years.  It has been through a few significant changes since 2011 when it took over two businesses trading in the Birmingham area.  Following their acquisition neither business performed as had been expected and both have now ceased trading.  The loss of their 23 outlets has caused a reduction in demand on the Northampton based bakery and a number of redundancies followed.

Also in 2011 a new MD was appointed to take over control of the Company from the founder’s son, Thomas Adams, as he moved towards retirement.  The MD was in office for only two years and, following his departure, the Company was sold to one of the current owners, and others, with various changes in owner and directorship following.

The Company and directors have wrestled with various threats to the business and are now confident that, subject to creditors agreeing to their proposals, the business can enjoy many more years based in and serving the area around Northampton.  It is certain that, in the event of a liquidation, the creditors will fare very badly and no real return would be expected.  Hopes are high that the majority of the 250 jobs will be preserved following the meeting of creditors.

Joint Nominee, Peter Windatt from BRI Business Recovery and Insolvency, noted “we are delighted to have been asked to talk with the Company before it was too late.  As always, when things appear to be going wrong the earlier advice is sought the more likely it is that a solution can be found.  It is hoped that the creditors will accept the Company’s proposals which, if approved, will see the majority of jobs being saved in and around Northampton and a substantial return to creditors when compared with the likely outcome had the liquidation route been pursued”

BRI are in the process of contacting creditors and notifying them of the proposals.  Creditors will then meet next week to agree, modify or reject the proposals and to ask questions of the directors regarding the viability of the Company in the coming months and years.  Several significant creditors, including the Crown, have already voted in favour of the proposals.

Anyone having any queries should contact BRI via their website, www.briuk.co.uk or at 100 St. James Road, Northampton, NN5 5LF.

OLIVER ADAMS ltd
Company VOLUNTARY ARRANGEMENT Approved

2 June 2016: The Company Voluntary Arrangement (“CVA”) of Oliver Adams Limited (“the Company”) was approved by creditors at a meeting held on 1 June 2016 by 99% of creditors voting at the meeting. Unfortunately, given the recent closures of a number of shops, some redundancies have occurred. However, the Company still employs over 200 members of staff. The approval of the CVA will enable the Company to continue to be a significant employer in and around Northampton, be restructured and provide a return to creditors over a number of years.

Joint Supervisor, Peter Windatt from BRI Business Recovery and Insolvency in Northampton, noted “I am very pleased creditors have voted in favour of the CVA, the hard work starts now for the Company to meet its obligations pursuant to the CVA. What was key to this successful first step on the road to recovery is that the Directors sought our professional advice early, which has helped in achieving this result.  I’m confident the Company will continue to thrive for many more years to come”.

BRI are in the process contacting creditors notifying them of the CVA approval.

Anyone having any queries should contact BRI via their website, www.briuk.co.uk or at 100 St. James Road, Northampton, NN5 5LF.