Business advisory firm Quantuma has completed the pre-pack sale of four of The CoffeeWorks Project Limited sites, after being appointed as administrators to the company.
The deal sees four of The CoffeeWorks Project’s five sites transfer to CWP London Limited, including the transfer of 34 employees, allowing the sites to continue trading.
The fifth site, based in Here East, Hackney, has ceased operations, resulting in 12 redundancies. The store’s stock and equipment are anticipated to be sold in due course.
Founded in 2013, The CoffeeWorks Project is an artisan food and coffee producer, with outlets across London in Angel, Battersea, Blackfriars, Great Titchfield Street and Hackney. The company has a central production kitchen and a roastery providing an in-house supply for all shops as well as a business-to-business wholesale coffee operation.
The company had experienced long-term cash flow and funding challenges, and ran into financial difficulties earlier this year following the insolvency of a large wholesale client.
Quantuma was appointed administrators of The CoffeeWorks Project on 8 July 2019. The process is being led by Carl Jackson and Simon Campbell.
Carl Jackson, Joint Administrator at Quantuma, commented: “Since our appointment as administrators to The CoffeeWorks Project, we have conducted a swift and thorough review into the company’s operations and assessed all options available to the business.
“As a result of the process, we secured a purchaser for the majority of locations – allowing the company to continue trading and rescuing 34 roles. Regrettably, the offer which achieved the highest return for creditors did not extend to the fifth site as a going concern. We endeavour to secure the most positive outcome possible for all stakeholders.”
Notes to Editors
Quantuma is a leading business advisory firm which works with businesses at the key milestones, delivering partner led solutions to help clients take advantage of opportunities and overcome a range of operational and financial challenges, enabling them to achieve their business objectives and ambitions. Offices in London, Southampton, Marlow, Watford, Brighton, Birmingham, Bristol, Manchester, Ringwood and Weymouth. In July 2018, the firm opened two international offices in Cyprus (Nicosia and Paphos).