Duchy Catering was placed into administration before its business and assets were acquired by contract caterer Graysons Restaurants earlier this month, Caterersearch has learnt.
Graysons, which is backed by ex-Compass Group chairman Sir Francis Mackay, paid just £212,000 for the business name and its assets, according to a notice to creditors from administrator KPMG, seen by Caterersearch.
Midlands-based Duchy Catering, which specialised in the education sector and had annual turnover of £15m, was placed up for sale last December after running low on cash. Business and industry clients include BMW Mini, Mitsubishi and farming and construction manufacturer CHN New Holland.
The sale attracted interest from three parties interested on a business and assets basis only, and lead to two offers being made.
KPMG opted for a pre-pack administration deal with Graysons, which saw Duchy's business and assets sold as a going concern, as the best way to recover creditors' cash.
It is believed Duchy Catering Limited, which remains administration and has no connection with Graysons, may owe the tax man close to £1m in unpaid national insurance contributions and other monies.
In 2007, Duchy Catering itself played the part of the white knight, rescuing Hopkinson Catering from administration.
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