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Silver Spring bounces back!

17/09/2009 09:00:00

We are delighted to announce that the business and assets of Silver Spring – the Great British Drinks Company – have today been acquired by Privet Capital LLP via a new company, Silver Spring Soft Drinks Limited, from the Administrators of The Silver Spring Mineral Water Co Ltd.

The transaction includes all of Silver Spring’s business operations including Perfectly Clear, the leading flavoured water brand, and Silver Spring’s extensive retailer own-label and contract packing operations. With renewed focus, increased financial strength, and a new management team lead by Chairman Jonathan Halford and Managing Director Neill Cotton, Silver Spring is now well placed to develop its business as one of the UK’s leading manufacturers and marketers of soft drinks.

Following a two-month sale process lead by Deloitte LLP, The Silver Spring Mineral Water Company Limited was placed into Administration on 16th September, and the assets subsequently sold by the Administrators to Silver Spring Soft Drinks today.
As a result the new company has taken on all the employees, and will continue to supply all existing customers.

“This deal represents the best possible future for the business,” said Neill Cotton, MD of Silver Spring Soft Drinks Limited. “This is a fresh start for Silver Spring after a number of difficult years under its previous ownership. The new investment brought to the business by Privet Capital, together with their experience investing in business turnarounds, puts us in an excellent position to exploit many opportunities in the rapidly changing drinks market.”

“We are thrilled to have the opportunity to invest in Silver Spring,” added Steve Keating of Privet Capital. “We believe that Perfectly Clear and the business’s other brands, as well as the significant supermarket own-label business, will stand us in good stead to return to profitable growth. To this end, we have today invested several million pounds in the business to fund improvements to working capital, equipment and brands.”
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