Company Acquisition of Fruit and Veggie Shop Saves Jobs

Lucas Gilmore, “Big 4″ observer
December 07, 2010 /

Nearly after two months since Greengrocers Stokes Plc, a fruit and vegetable shop in UK, appointed KPMG administrators to prevent closure of the company, a number of jobs have been saved with the company acquisition initiated by a Bristol-based company.

KPMG, which administered Stokes Plc in October, confirmed that it arranged the company acquisition of Stokes & Johnson to branches of the fruit and vegetable shop in Teignmouth, Exeter and Exmouth, with a total of 41 employees being absorbed into the new management, 14 in Teignmouth, 16 in Exmouth and 11 in Exeter.

Greengrocers Stokes Plc has other branches in Paignton, Brixham, Teignmouth, Dawlish and Totnes, all of which saved by the company acquisition in October 28 except for the affected branches including Torquay, Bath, Abergavenny, Falmouth and Sherborne.

The Newton Abbot branch was also identified to have faced closure weeks after KPMG found the buyer in Bristol.

All branches would go on with their usual transactions, except for the closed branches that resulted in 65 redundancies.

The Teignmouth branch, managed by Dave Crohurst and Ben Slater who have been serving the company eight months ago after they were transferred from the Paignton and Torquay branches, has started its normal operations.

Slater said the new management wanted to inform the public that it has not stopped its business of producing fresh products following the company acquisition.

Greengrocers Stokes Plc has 277 employees in 27 stores in south-west England and Wales.

Richard Hill, partner at administrators KPMG, attributed the closure of some branches to the declining sales.

Prior to the appointment of administrators KPMG, Stokes has closed 10 of its stores earlier in October.

 

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