72 jobs saved following sale of The Potions Cauldron in pre-packaged deal
Jobs have been saved after a Yorkshire-based leisure and hospitality company was sold following the appointment of administrators.
The business and assets of The Potions Cauldron Ltd, have been acquired in a pre-packaged sale supported by financial and real estate advisory group BTG, saving 72 jobs and seeing service continue across its sites in England.
A spokesman said the sale of the business, including its operational assets and trading locations in England, was completed following the appointment of joint administrators and licensed insolvency practitioners Asher Miller and Stephen Katz, partners from BTG’s London office.
The York-based company, which operated 10 sites across the North of England and Scotland trading as The Potions Cauldron, Hole In Wand, The Potions Academy and The Potions Express, provided services including potion making experiences, mini golf, and drinks retail and wholesale alongside a range of licenced drinks products.
The statement added: “After a number of years of rising costs amidst challenging trading conditions leaving the business in a distressed position, the directors approached BTG’s Restructuring team for advice.
"Following a broad accelerated marketing exercise, it was clear that a prepacked administration sale would maximise value while saving the business and as many jobs as possible, with the strategy and eventual sale to the highest bidder supported by the company’s primary secured creditor. The successful purchaser is York-based The Potions Group Ltd, a connected company. The sale includes the business and its sites in York, Leeds, Chester, Blackpool and Seaham, however, the former store in Edinburgh has closed with its four employees being made redundant.”
Asher Miller said: “We are delighted to have been able to facilitate the prepackaged sale of this unique business to maintain continuity of service to its customers and save 72 jobs across the sites that have been acquired. The sale achieved means that service can continue for customers in the majority of locations without disruption and as many jobs as possible have been preserved.”