Sugar beet firm enters administration
The Lincoln-based arable crops specialist, which employs 24 workers as well as a number of subcontractors, cultivates its own crops whilst also providing contract farming and haulage services to other clients in the East Midlands.
The business was said to have been struggling with "reduced contract volumes" and subsequent cash flow issues. Growing pressure from creditors and an inability to find further funding as well as a continued shortage of long-term orders meant that a realisation was soon made that the company would not be able to continue.
Chris Pole, partner at KPMG and joint administrator, explained: “The company had recently seen a decline in its order book, which led to significant pressure on its cashflow.
“Over the coming days, we will be assessing options for the business, including the possibility of resuming operations, while we explore a sale of the business and its assets.”
All employees have ceased work while the administrators continue to look at all the options available.
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