Administrators to Fortissimo Chocolates Limited, which traded as The Raw Chocolate Company and Conscious Chocolate, two raw, vegan chocolate companies that have been operating in the UK since the early 2000s, have achieved the successful sale of the business as a going concern.
This follows the appointment of Stephen Katz and David Rubin, both partners at Begbies Traynor, as Joint Administrators to the Company on 1 February 2023.
Prior to the onset of the pandemic, the business was trading successfully following the merger of the two separate operations in 2018. Unfortunately, the Covid-19 pandemic had a significant detrimental impact and this, combined with rising inflation, the impact of a growing cost of living crisis and the resultant shift in the purchasing patterns of its consumers, led to a reduction in sales at a time when shareholders were no longer in a position to fund the ongoing trading of the Company.
Despite these complications, the Joint Administrators were able to ensure the business continued to trade throughout the administration as they secured an independent purchaser. The successful sale of the Company as a going concern to Adar Chocolates Limited on 6 March 2023 secured the jobs of 15 dedicated employees.
Joint Administrator Stephen Katz, of Begbies Traynor, commented: “We are delighted to have successfully secured a positive outcome for the dedicated staff at Fortissimo Chocolates and to enable the previously promising business to continue to operate following one of the most significant periods of disruption faced by consumer-facing businesses.”