The health-focused food and beverage chain had struggled to recover from pandemic trading pressures, which saw revenues fall 79% in 2021
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Krush Global Limited reported sales falling 79% to £3m ($3.6m) in the 12 months ended 31 March 2021 | Photo credit: Crussh
UK-based healthy food and beverage chain Crussh has been sold out of administration to business advisory firm FRP, which will retain eight of the company’s 11 sites.
FRP secured a pre-pack sale of Crussh to an investor group which it said will allow the brand to continue operating during a short transitionary period, with 160 employees transferring to the new owners.
Crussh outlets at Canary Wharf and Westway in London, as well as its Winchester store, will close.
Founded in 1998, Crussh also distributes its healthy food, coffee and juice products via UK supermarket chain Sainsbury’s, retailer WHSmith and contact catering provider Sodexo.
However, the pandemic negatively impacted Crussh’s sales more than the business forecast.
Having operated 35 stores and achieved revenues of £15.5m ($19m) in 2019, Crussh’s parent company Krush Global Limited saw sales fall to £14.1m ($17.2m) in 2020, prompting the closure of seven sites.
Moreover, Krush Global Limited reported sales falling 79% to £3m ($3.6m) in the 12 months ended 31 March 2021.
“We are pleased to have secured a positive outcome for a long-established business that has sought to navigate through the range of challenges facing the hospitality and catering sector because of the pandemic. Crussh is a well-known and strong brand, and the deal ensures that trading will be unaffected with the continuation of supply to customers and the vast majority of sites and employees transferring across to the new owners,” said Ian Corfield, Partner at FRP.
Further reflecting the impact of the pandemic on hospitality businesses, UK-based coffee chain AMT Coffee was sold out of administration in November 2022 to travel food and beverage operator SSP Group.