Crussh bought out of administration with 160 jobs saved
Healthy café and juice bar chain Crussh has been bought out of administration, saving more than 160 jobs.
An unnamed investor group has acquired the business in a pre-pack sale for an undisclosed sum.
Administrator FRP Advisory said that "like many hospitality businesses" the chain had been "significantly impacted" by the pandemic.
Ian Corfield and Philip Reynolds of FRP were appointed as joint administrators of Krush Global Limited on 9 January and "immediately" found a buyer.
Crussh, which was founded in 1998, trades from 11 sites and provides products to major retailers across the UK.
The group has significantly downsized in the past three years. Crussh signed franchise partnerships with caterer Sodexo and travel hub specialist SSP in 2018 and was trading from 35 locations at the start of 2020.
Under the terms of the sale, eight sites will transfer to the new owners.
Cafés in London's Canary Wharf and Notting Hill and a concession at the Everyone's Active gym in Winchester will be closed.
Ian Corfield of FRP said: "We are pleased to have secured a positive outcome for a long-established business that has sought to navigate the range of challenges facing the hospitality and catering sector because of the pandemic.
"Crussh is a well-known and strong brand, and the deal ensures that trading will be unaffected with the continuation of supply to customers and the vast majority of sites and employees transferring across to the new owners."
Kunal Gadhvi, restructuring and insolvency partner at Irwin Mitchell and consumer sector specialist, advised FRP throughout the transaction.
Gadhvi said: "Crussh has like many hospitality businesses been impacted by rising energy prices and the cost of living pressures on households causing an adverse impact on consumer confidence. This added to the lockdowns associated with the pandemic has created a ‘perfect storm' of financial difficulties. This deal is a great outcome for the business, as well as the people that work there."
FRP said it was working with the new owners to maintain customer supply during a transition period.
Image: BasPhoto / Shutterstock
