The joint administrators of Veg & City Drinks Limited, which produces naturally healthy smoothies under the brand name Savsé, have sold the business to Life Health Foods UK Limited.
Veg & City Drinks Ltd entered administration on 23rd October 2019, with Colin Hardman and Henry Shinners of Smith & Williamson LLP, appointed joint administrators. The sale of the business to Life Health Foods UK (LHF) Limited was completed on 8th November 2019.
Colin Hardman, director at Smith & Williamson LLP and joint administrator of Veg & City Drinks Ltd commented: “I am delighted that this innovative and well regarded drinks brand has been preserved and now has the opportunity to prosper under new ownership. The company, which had been operating since 2013, had expanded quickly and was soon supplying its products to the majority of the UK supermarket retailers, as well as other distribution channels. It was also developing an international customer base.
“Unfortunately, difficult trading conditions and a highly competitive market, exacerbated by Brexit, caused a cash crisis for the company. This resulted in it being placed into administration last month. We received substantial interest from companies operating in the drinks and health foods markets and, after a short marketing period, we agreed a sale to Life Health Foods. I wish the new owners every success.”
Chris Laidlaw, CEO of Life Health Foods said: “This acquisition demonstrates LHF’s continuation of the company’s roadmap to strengthen its position in the UK FMCG market and across Europe. It further underpins the company’s adventurous mission to re-define and revolutionise health and wellbeing across food and drink.
“Savsé is a fantastic product which meets the growing demand for natural, healthy convenience with absolutely no compromise on taste. We believe Savsé is the best tasting healthy smoothie brand in the market and we have a clear vision for where we want to take the brand. HPP (high pressure pasteurisation) is the future of beverage manufacturing and its potential is endless. We are very excited to be taking Savsé onto the next stage of its journey and driving the next phase of growth.”
Taylor Wessing acted as lawyers for the administrators on the sale, led by restructuring senior associate Stephen O'Grady.
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Note to editors
Smith & Williamson is a leading financial and professional services group providing a comprehensive range of investment management, tax, financial advisory and accountancy services to private clients and their business interests. The firm’s c1,800 people operate from a network of 12 offices: London, Belfast, Birmingham, Bristol, Cheltenham, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton.
About Life Health Foods
Based in London, Life Health Foods is an adventurous, young company, inspired by their mission to re-define and revolutionise health and wellbeing across food and drink.
Part of the Life Health Foods family, UP&GO was the first brand to be launched in the UK. Providing a convenient and nutritious breakfast solution for busy people on-the-go, UP&GO responds to a growing consumer demand for healthier, on-the-go solutions. UP&GO is a delicious milk & oat-based drink that is high in protein, calcium and fibre and fortified with vitamins and minerals. UP&GO is the fastest growing major breakfast drinks brand in the UK* and is widely available in the cereal aisle of all major Grocers.
Nutri-Brex is an award-winning gluten free breakfast brand, which launched in 2015 with a unique sorghum-based ‘bix’ range. Nutri-Brex is the second largest gluten free brand in the category** and is proudly accredited by Coeliac UK.
*Source: IRI data, supermarkets, last 52 weeks ending 06.10.19. Fastest growing major breakfast drinks brands, major drinks brands account for 94% category value sales
** Source: IRI data, total market, total gluten free, last 52 weeks ending 06.10.19
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