Following an organised purchase of assets from RH Smith & Sons (Smiffys) by Ad Populam, Smiffys II is newly formed as the business sets to embark on its new phase of life.
At present, PartyWorldwide.net understands that all employees (142) are now employed by Smiffys II by way of TUPE transfer, aside from the executive management team who will operate via separate contracts.
Filings at Companies House show a consideration of £4,000,000 was made for the purchase. A consideration of £1,250,000 for goodwill and IP, £200,000 against intercompany debtor Smiffys Australia Pty Limited at £200,000, giving an intangible consideration of £1,450,000. Floating asset purchases of £2,450,000 for inventory and £99,998 for miscellaneous chattels were also made.
