A top York company has been sold by the administrators.
The Potions Cauldron Ltd has been acquired in a pre-packaged sale.
That has saved 72 jobs and sees service continue across all but one of its sites.
The sale of the business, encompassing its operational assets and trading locations in England, was completed today (Friday).
It followed the appointment of joint administrators and licensed insolvency practitioners Asher Miller and Stephen Katz, partners from London financial group BTG.
The York-based company, which operated ten sites across the North of England and Scotland trading as The Potions Cauldron, Hole In Wand, The Potions Academy and The Potions Express, provided services including potion-making experiences and mini golf.
It also had a drinks retail and wholesale business, alongside a growing range of licenced drinks products.
After a number of years of rising costs amidst challenging trading conditions leaving the business in a distressed position, the directors approached BTG’s restructuring team for advice.
BTG advised that a prepacked administration sale would maximise value whilst saving the business and as many jobs as possible, with the strategy and eventual sale to the highest bidder supported by the company’s primary secured creditor.
The successful purchaser is York-based The Potions Group Ltd, a connected company.
The sale includes the business and its sites in York, Leeds, Chester, Blackpool and Seaham.
However, the former store in Edinburgh has closed with its four employees being made redundant.
Asher Miller, restructuring partner at BTG, said: “We are delighted to have been able to facilitate the prepackaged sale of this unique business to maintain continuity of service to its customers and save 72 jobs across the sites that have been acquired.
“Trading conditions for retailers, hospitality businesses and the leisure industry have been incredibly difficult as low spending and demand from customers is compounded by rising employment costs alongside rises in energy costs and business rates.
“The sale achieved means that service can continue for customers in the majority of locations without disruption and as many jobs as possible have been preserved. We wish the business every success for the future.”
