An administrators’ report has revealed further details of the sale of Bob Martin (UK) to Pets Choice last November.
The proposal prepared by administrators Ross Connock and Robert Lewis shows that part of the business and assets of Bob Martin were sold to Pets Choice for £3.9m.
The administrators revealed this was the best offer received based on value and deliverability ‘taking into account the ownership of the Bob Martin brands’ and said that it ‘therefore provided the best outcome for creditors as a whole in the circumstances’.
The report, dated December 3, estimated that secured creditors were owed £20m, some of which may be recoverable.
The sale, on November 26, saw Pets Choice acquire the Bob Martin (UK) Healthcare brand including Clear, Clear Plus and cat litter brand Felight, taking the product portfolio into a new category within pet and boosting the Pets Choice’s brand portfolio to a total of 12.
As reported by pbwnews in November, Pets Choice agreed a brand licence with the Martin family so that the Bob Martin brand could continue.
The sale of part of the business and assets to Pets Choice included 121 employees transferring to the purchaser.
The original deal did not include the cat litter business based in Cardiff, which led to closure of the factory and loss of 53 jobs. This resulted in a shortage of cat litter at some supermarkets that had been using it to supply own-brand stock.
The administrators will continue to be involved with Bob Martin until the company’s affairs are wound down to dissolution.
