Fri, 16 Dec 2016 | ADMINISTRATION
It’s one of the first victims of the Brexit ‘crunch’: Rivington Biscuits, the maker of the popular Pink Panther wafers, has collapsed with the loss of 99 jobs - but administrators are seeking a buyer.
FRP Advisory said the firm had suffered from a sharp fall in the value of the pound against the euro following the EU referendum result and had faced pressure on profit margins and cash flow as it struggled to manage a rise in the cost of ingredients used to make its biscuits.
Rivington, based in Wigan and owned by Dutch firm Van Delft, will cut 99 of its 123 staff, with the remaining 24 staying on board to help fulfil orders into the new year.
It has been reported that Van Delft has invested around £7 million in Rivington’s production equipment since acquiring the firm in 2009.
A FRP Advisory spokeswoman said Rivington, which also makes Count Down granola bars, had "experienced particularly challenging trading conditions" and been "left with no viable alternative other than to seek the protection of administration".
"The problems were compounded by the sharp decline in the value of the pound against the euro," she added.
Unlike bigger food producers, Rivington was unable to pass on the price rises on to its customers. Others have tried, though, including consumer goods firm Unilever, which attempted to increase the cost of goods including Marmite by 10 per cent.
Contact the administrators
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