The Professional Cookware Company has been bought out of administration by its management and a consortium of shareholders.
The cookware and kitchenware chain appointed KPMG Restructuring as administrators earlier this month. It fell into difficulty after rapid expansion of the company coincided with falling retail sales.
Joff Pope, joint administrator at KPMG, said: “We are pleased to report that the business and assets of ProCook in administration were sold to [acquisition vehicle] Ensco 688.”
Ensco, which is in the process of changing its name to ProCook, will trade under the names previously used by the company, including ProCook and The Professional Cookware Company.
Managing director Daniel O’Neill told HousewaresLive.net this week simply that “there is a lot going on at the company at the moment”.
However, we understand that all 39 stores will continue to operate and that the 261 employees will be retained.
Directors of the company on the date of administration were Daniel O’Neill, Martyn Sutton, James Allen, Andrew Cleary and Philip Smyth.