Award-winning frozen food specialist Freshbake Foods has abruptly called in receivers PricewaterhouseCoopers.
The company said the manufacturer had declared receivership after its directors tried unsuccessfully to raise cash to fund a restructure to tackle ongoing losses.
Joint administrative receiver Michael Horrocks said: “We will be holding talks with suppliers and customers over the next few days to seek their support to allow trading to continue while a purchaser is sought.”
No preliminary offers for the manufacturer, which claims annual sales of £65m from branded and own label products and employs 990 people, have so far been received.
The decision has led to 250 redundancies at Freshbake Foods’ head office plant in Salford, Manchester.
A further 80 employees have left its Hartlepool site, which it bought from Hibernia Foods in December after that firm went into receivership. A third factory in Glasgow has avoided short term job losses.
Freshbake Foods’ Tesco Finest pork and apple sausages recently won a gold award in the British Frozen Food Federation’s annual awards.
The company said the manufacturer had declared receivership after its directors tried unsuccessfully to raise cash to fund a restructure to tackle ongoing losses.
Joint administrative receiver Michael Horrocks said: “We will be holding talks with suppliers and customers over the next few days to seek their support to allow trading to continue while a purchaser is sought.”
No preliminary offers for the manufacturer, which claims annual sales of £65m from branded and own label products and employs 990 people, have so far been received.
The decision has led to 250 redundancies at Freshbake Foods’ head office plant in Salford, Manchester.
A further 80 employees have left its Hartlepool site, which it bought from Hibernia Foods in December after that firm went into receivership. A third factory in Glasgow has avoided short term job losses.
Freshbake Foods’ Tesco Finest pork and apple sausages recently won a gold award in the British Frozen Food Federation’s annual awards.
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