UK
Ireland
ReSolve completes sale of I D C Limited
We are pleased to announce the sale of I D C Limited, a privately-owned wholesale food distributor, to Menu Fresh Limited, saving 99 jobs.
I D C Limited (“IDC” or the “Company”) has been trading for nearly 30 years providing high quality, local food at affordable prices. In order to develop the business further, the Company took the decision to invest significantly in its bespoke distribution platform and to re-model the business such that they provided not only a drop-shipping service but physical deliveries to clients.
Unfortunately, the COVID-19 pandemic and resulting national lockdowns curtailed trade in the hospitality and educational sectors, two major markets for the Company. Whilst the Company was shielded to some extent by its considerable trade to the health sector, subsequent global supply chain issues and rampant cost inflation suppressed profit margins and caused a continued fall in revenues.
In light of the Company’s financial concerns, ReSolve was engaged to assist with an accelerated merger and acquisition process (AMA) to find urgent rescue capital or secure a sale of the business and/or assets. The AMA process generated interest from a number of parties, with an eventual offer being accepted from Menu Fresh Limited, a company majority owned by Christopher Edwards, the CEO and Director of IDC.
A sale of the business and assets of the Company, out of Administration, completed on 3 February 2023, securing the transfer of 99 employees to the new company and providing the best possible outcome for all stakeholders.
IDC is an innovative, high-quality business that in recent years was impacted by several factors outside of its control. I’m thrilled that we have secured this sale which saves 99 jobs and enables the business to continue to provide excellent service to customers across the UK.
I’d sincerely like to thank the whole team at ReSolve for helping us to secure the future of our business. Like many other businesses across the UK, the last few years have posed a number of challenges that none of us could have foreseen. I’m delighted that we are now in a position to move forward with optimism about the future and continue with our mission to help companies of all sizes source high-quality food at competitive prices.
This article was originally published on ReSolve Advisory Limited. On 28 October 2024, ReSolve Advisory Limited joined S&W Partners LLP (formerly Evelyn Partners LLP). While considerable care was taken to ensure the information contained within this article was accurate and up to date at the time of publication, no warranty is given as to the accuracy or completeness of the information. No liability is accepted for any errors or omissions in such information or any action taken on the basis of this information.