Voluntary administrators for a well-known confectionery manufacturer and distribution business based in Geelong. Our strategy resulted in the successful sale of the business.
Freckleberry is a well-known chocolate and confectionery manufacturer and distribution business based in Geelong, Victoria. The company faced challenges related to its fell into difficulties with its taxation obligations, prompting which led to the Australian Taxation Office (ATO) to commencing proceedings to have the company wound up.
The ATO had commenced proceedings to have the company wound up. Prior to the court hearing, Cor Cordis was appointed administrator. Our challenge was to explore options to achieve a better outcome than the company being liquidated.
Two potential solutions we investigated included the possible recapitalisation of the company through a Deed of Company Arrangement (DOCA) or the sale of the business and/or assets of the company.
The Court granted a brief three-week adjournment to investigate whether a more favourable outcome could be achieved.
During this period, the business continued to operate profitably under our administration and all employees retained their jobs. Our team managed the day-to-day operations on-site in Geelong while orchestrating an urgent expressions of interest campaign and holding meetings with interested parties at the location.
Our strategy resulted in the successful sale of the business. All 20 employees were transitioned to the new business owners and maintained their employment leading up to Christmas.
Following the change in ownership, Freckleberry has experienced significant growth, prompting a move to larger premises to accommodate the increased demand for the brand’s products.