MBO to save Devon cider
The Devon Cider Company, which makes own-label ciders for major multiples including Sainsbury's, Asda, Tesco and hard discounters Aldi and Lidl, has been bought out by its management team shortly after going into voluntary administration.
The cidermaker, which also produces its own brands including Three Hammers, Devon Village and Superior, has been restructured as a group of three companies - Devon Cider Company, Devon Cider Brands and Devon Commercial Property.
The company said in a statement: "The new group has acquired all of the assets, goodwill, trademarks and staff of the Devon Cider Company Ltd, which will ultimately cease trading. With the robust financial base provided by our restructuring we are confident that the new corporate structure provides us with a stronger platform for future growth.
"While change can always cause a certain amount of uncertainty, we have the support of our suppliers for this restructuring and so we are sure that there will be little or no disruption to our customers from these changes."
Devon Cider Company was founded in 1999. In 2005 it moved to larger premises in Tiverton, which it bought from InBev.