Further details of the administration and subsequent rescue deal of Northamptonshire chocolatier Ashbury Chocolates have been revealed in a new document seen by Insider.
The £25m-turnover company was bought out of administration by European group Baronie, preserving hundreds of jobs.
BDO restructuring partners Malcolm Cohen and David Gilbert were appointed joint administrators of Ashbury Chocolates Ltd on 9 February 2015. Upon their appointment, the business and assets of the company were bought by Baronie UK, part of the Baronie Group, saving the role of its 236 workforce.
At the time, the figure remained undisclosed, but a new report to creditors revealed Baronie paid £1.36m for the business, stock, intangible assets and plant and machinery of Ashbury Chocolates.
As part of the deal, Baronie was also granted a licence to temporarily occupy Ashbury's two leasehold premises.
But the sale excluded the company's book debts, which are assigned to private equity backer Credo Private Equity Ltd.
Credo first invested in Ashbury with a £1.3m term loan in March 2012. The investment followed a "significant setback" at Ashbury in 2011 and 2012 after it was impacted by cash flow problems associated with manufacturing defects on a key contract.
The loan was extended by £1m in 2013, while Ashbury secured additional finance from Gordon Brothers (Europe) Ltd and Centric SPV1 Ltd, which Credo repaid in early 2014.
It was also revealed that in the run up to the administration, Ashbury had been in talks with a third party investor to turn the company around, but discussions broke down in December.
That month, Credo also agreed to pay critical payments at the business, totalling £1.17m, while a buyer was sought.
At the date of the administration and sale to Baronie, Credo was owed about £6.3m plus interest and charges. Administrators said they anticipate the business will suffer a "significant shortfall" in respect of its lending.
A distribution to unsecured creditors owed £7.8m is likely, but administrators did not disclose the potential amount.
Baronie can trace its roots back to Rotterdam in 1896 and also acquired Belgian chocolatier Duc d'O in September 2014.