BTG explains on saving of iconic Potions Cauldron of York

The Press earlier today reported on the pre-packaged sale of the Potion’s Cauldron to the Potions Group, a connected company.

Finance and real estate advisory company BTG says the sale they facilitated saved 72 jobs and sees service continuing across sites in England.

The sale of the business, encompassing its operational assets and trading locations in England, was completed today (fri) following the appointment of joint administrators and licensed insolvency practitioners Asher Miller and Stephen Katz, Partners from BTG’s London office, on the same day.

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The York-based company, which operated 10 sites across the North of England and Scotland trading as The Potions Cauldron, Hole In Wand, The Potions Academy and The Potions Express, provided services including potion making experiences, mini golf, and drinks retail and wholesale alongside a growing range of licenced drinks products.

BTG said in a statement that after a number of years of rising costs amidst challenging trading conditions leaving the business in a distressed position, the directors approached BTG’s Restructuring team for advice.

Following a broad accelerated marketing exercise, BTG explained it was clear that a prepacked administration sale would maximise value whilst saving the business and as many jobs as possible, with the strategy and eventual sale to the highest bidder supported by the Company’s primary secured creditor.

The successful purchaser is York-based The Potions Group Ltd, a connected company. The sale includes the business and its sites in York, Leeds, Chester, Blackpool and Seaham, however, the former store in Edinburgh has closed with its four employees being made redundant.

Asher Miller, Restructuring Partner at BTG, said: “We are delighted to have been able to facilitate the prepackaged sale of this unique business to maintain continuity of service to its customers and save 72 jobs across the sites that have been acquired.

“Trading conditions for retailers, hospitality businesses and the leisure industry have been incredibly difficult as low spending and demand from customers is compounded by rising employment costs alongside rises in energy costs and business rates.

“The sale achieved means that service can continue for customers in the majority of locations without disruption and as many jobs as possible have been preserved. We wish the business every success for the future.”