UK: South Yorkshire company sells assets

The assets of a hydroponics business have been acquired out of administration by a South Yorkshire company. The joint administrators of Nutriculture UK have completed the sale of the company's trademarks, stock, and equipment to Rotherham-based Global Air Supplies, which is a designer, manufacturer, and supplier of environmental control equipment for the horticultural industry.

Dave Acland and Simon Farr of specialist business advisory firm FRP were appointed as joint administrators to Nutriculture UK on Thursday, 17 November 2022. 

From its site in Skelmersdale, Nutriculture designed and manufactured hydroponic-grow systems, liquid and powder plant nutrition, lighting, and environmental control systems for the retail industry. Its brands include Plant Magic, IWS, and NutSystems.

In recent months, the directors of the business ran a marketing process to secure the sale of the company amid rising costs and sales running below expectations. However, the process was unable to secure fresh investment for the business, which was then unable to continue trading and meet its financial obligations. Shortly before the appointment of administrators, a total of 45 roles were made redundant as it ceased to trade.  

A small group of staff have been retained by the joint administrators to assist the administrators with their duties as they complete the winding up of Nutriculture, including a collection of the company's principal asset, the debtor ledger.

Read the complete article at www.insidermedia.com.


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