British investment company Volvere has acquired certain assets of desserts manufacturer Indulgence Patisserie.

Indulgence Patisserie is currently in administration.

A wholly-owned subsidiary of Volvere will hold the assets. They will be trading the name Indulgence Patisserie (Newco).

Volvere acquired Indulgence assets for a cash consideration of almost £1.25m and will also offer a working capital facility to Newco.

Volvere CEO Jonathan Lander said: “We are delighted to be making this investment in a well-known, highly-regarded desserts manufacturer.

“As well as offering the customers of both Indulgence and Shire Foods a broader product portfolio, the investment strengthens Volvere’s manufacturing base. We are looking forward to working with Indulgence’s customers and staff and building on their progress to date.”

Indulgence Patisserie began in 1988 in Colchester, Essex. It has been supplying premium desserts to the national retail and foodservice market sectors since 1997.

The company also exports its products to other markets across the globe.

It operates from one-leasehold and three freehold properties in Colchester. It employs around 30 people.

The net assets that Volvere has acquired relate primarily to the freehold properties and plant and equipment.

The company added that the likely fair value of the net assets will not to be less than the consideration at completion.

Indulgence and Volvere’s pastry products business, Shire Foods, have several clients in common. The investment firm hopes that the deal will create new opportunities for both businesses.