A North Somerset producer and seller of horse feed has been sold out of administration, saving seven jobs. The Pure Feed Company was placed into administration in November after being hit by a "combination of challenges" which it said left it unable to trade.
According to administrators Begbies Traynor, difficulties included price rises in raw materials and a shortage of supplies caused by the war in Ukraine. It was also met with extra costs from the hike in energy prices.
After a major supplier also imposed a change in trading terms, causing cash flow issues, the company appointed Paul Wood and Simon Haskew, partners at Begbies Traynor, to oversee the administration. The company had a turnover of £2.1m before it fell into difficulty.
“The company spent years establishing its reputation through a dedicated team of equine professionals who are experts in animal science and nutrition," said Mr Wood. "Finding a buyer means the business will be able to continue to supply feed for everything from rescue animals to Olympic champions.”
Pure Feed has been sold to Parakore, which was set up specifically to buy the goodwill and assets of the North Somerset firm. It is headed up by managing director Chris Spratling.
He said: “The level of knowledge and expertise amongst the team, together with a continued market demand for high-quality horse feed, makes us optimistic for the future. Horses and owners love the products, and our intention is to build on a strong customer base to grow the business across the UK and beyond.”
Pure Feed was set up more than 10 years ago, and transitioned from a predominantly online brand to become available through national distribution channels, retail outlets and wholesalers. According to the company's website, the business is now based in Brinkworth, in Wiltshire.
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