Case Studies
We have been privileged to have been instructed by our clients on a number of notable cases. Below are a selection of case studies to demonstrate a flavour of our work.
Adelie Foods
Purpose
Administration
Sector
Food to Go Manufacture & Supply
Task
Valuation & Disposal
Location
United Kingdom
Our team worked diligently to maximise asset value of Adelie Foods Ltd while ensuring transparency and minimising disruption for all stakeholders. This administration required a focused approach to manage its extensive operations and supply chain effectively, said Terry Madden, Managing Director of Wyles Hardy & Co.
Overview
Wyles Hardy & Co was appointed by the Joint Administrators to value and assist in the disposal of Adelie Foods Ltd., the UK’s largest independent “Food to Go” manufacturer, following its entry into administration. With pre-pandemic revenues over £226 million, Adelie Foods had five distribution centres, a fleet of 280 refrigerated vehicles, and 2,200 employees. Initial efforts focused on valuation and buyer search, but when no suitable buyer emerged, Wyles Hardy was tasked with executing an exit strategy under Covid-19 restrictions.
Method
Wyles Hardy quickly adapted to pandemic limitations by conducting virtual valuations, leveraging video tours, and collaborating with on-site staff for accurate remote assessments. Each asset category was appraised, including production equipment, and distribution infrastructure, with valuations based on market demand for food production assets. When the sale of the business as a whole was not feasible, we pivoted to individual asset sales to maximise returns. We developed a phased disposal strategy, in conjunction with the client, to reach buyers in the food manufacturing and logistics sectors while observing health protocols. Using private treaty sales, we ensured broad access to domestic and international buyers. Each asset was marketed in alignment with evolving demand, focusing on sectors that remained resilient during the pandemic.
Results
- Food Production Equipment Sales: Key production equipment achieved competitive prices through online auctions, reflecting high demand in food manufacturing.
- Distribution Center Assets: Assets from distribution centres were successfully realised, with timely sales across refrigeration and warehousing equipment.
Conclusion
The Adelie Foods Ltd. case exemplifies Wyles Hardy’s adaptability in managing valuations and disposals under unprecedented restrictions. By swiftly adopting virtual methods, we provided accurate valuations and achieved high recovery rates for individual assets. Targeted marketing strategies allowed us to engage resilient buyer markets despite economic challenges, optimising creditor returns. This case underscores the value of flexible asset strategies during crises, as well as the importance of digital solutions in the valuation and disposal process. The success of this project demonstrates Wyles Hardy’s ability to navigate complex sales in highly regulated and volatile environments.
