A rum company has been bought out of administration by two former recruitment bosses.
Neptune Rum, which is headquartered in Cheltenham, was saved by James Strickland and his business partner, Raymond Pugh, in a deal managed by corporate finance advisory firm Shaw & Co.
According to Shaw & Co, the rum company fell into administration after the Covid-19 pandemic “jeopardised” a number of projects.
Mr Strickland and Mr Pugh, who bought the business and its assets from administrator KRE Corporate Recovery, said they have “ambitious plans” for the company, including “significant” investment.
The duo said they want Neptune Rum to recover from the “devastating effects” of the pandemic and to resume its growth plans.
It is not known if any jobs have been saved as a result of the deal.
“Neptune Rum is an iconic British brand, having won over 65 global awards since 2018, and has had great successes in the recent years,” Mr Strickland said.
“It was an excellent business opportunity for both Raymond and I. Of course, this is only the first step; much work is still required to secure the long-term future of the company.”
Shaw & Co’s founder and managing director Jim Shaw was the lead negotiator in the deal.
He said: “We have had an excellent business relationship with James and Raymond having assisted them in the sale of their previous business.
“When they approached us with the opportunity to purchase Neptune Rum, we were very pleased to help James and Raymond grasp this next challenge.
“We are very happy with the outcome. For James and Raymond this represents the start of a new chapter and for Neptune Rum it gives a platform the future, which was otherwise looking in doubt.
“The brand is international, but with headquarters in Cheltenham the deal maintains vibrancy in the local economy.”
Mr Strickland and Mr Pugh are the former owners of recruitment business Passionate about People, which they sold with the help of Shaw & Co in 2018.