A fresh produce company which laid off more than 400 staff has sold its Kent headquarters to a rival firm in an eight-figure deal.
A Gomez Ltd, which distributed fruit across Europe and was based in Bridge, near Canterbury, brought in administrators in December 2023 after suddenly shutting down, with its 10.4-acre home going on the market for £22 million.
The hefty price was later slashed, with administrators RSM now confirming the sale of the freehold for £16.3 million.
The deal, which was completed earlier this month, saw private equity investment firm ICG (formerly Intermediate Capital Group) take over the site – which has been leased straight back out to a rival produce firm.
According to an administrator’s progress report uploaded to Companies House, Terradace moved into the building in June on a 15-year lease.
Terradace is the holding company of DPS, which has been picking, packing and delivering fruit since 1977, across over 40 countries.
It has offices in Bearsted and Wimbledon, while it also has a packhouse in London Road, Teynham.
In reports from September last year, it was revealed Terradace had brought in more than £766 million in the 2023/24 tax year – with a profit of £15 million.
The firm has been contacted for comment.
The report says A Gomez is expected to exit administration through a Creditors’ Voluntary Liquidation process before December 10 this year.
This is when the company closes down and the liquidator secures and realises any assets that the firm owns, reports on the reasons for the company’s insolvency, considers the conduct of the directors and submits a conduct report to the Insolvency Service.
The process requires shareholder approval of 75%, at which point a liquidator is appointed.
The report says A Gomez currently owes more than £15 million, with HSBC the leading creditor – though this will be fully paid off by the time the firm ceases to exist.
Unsecured creditors, currently claiming £2,377,000, will be paid 10p per £1 owed.
This is because, after taxes and other costs, the income from the headquarters sale will only be £13.9 million.
However, employees’ efforts to claim a protective award were dismissed by the courts.
A protected award can be given when more than 20 employees are made redundant from one location within specific time frames and when an employer has not complied with the collective redundancy consultation requirements.
A Gomez once farmed more than 3,250 hectares of land in Spain, while maintaining much smaller plots in the Netherlands and the UK.
Raquel Hernandez said in a letter to employees at the time of closure that financial pressures on the business meant shareholders and directors had to take the reluctant decision to “cease operations with immediate effect”.
It is understood bosses at the firm had planned to wind down the business and cease trading between February and March this year – with the sudden closure in 2023 taking many by surprise.
On the same day as administrators being appointed, 426 employees were made redundant.
As recently as 2022, A Gomez had been looking to expand the Cold Harbour Lane site, with plans approved in September that year to make room for more lorries to stay overnight.
Made up of four adjoining steel portal frame buildings, the headquarters have 18 docking levels, offices and a reception.
There is also a temperature-controlled storage space and 300 parking spots.
