Administrators seek buyer for collapsed Pink Panther wafer business

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


Share this article



Latest Businesses for Sale

Festival Operator Business
Essex, South East, UK

An excellent opportunity exists to purchase the business and assets of a well-established festival business that has built up a successful annual festival in the South East of England. Offers invited.

Asking Price: £100,000
Turnover: £5,000,000

LEASEHOLD


Commercial Lighting Contractor Business (Fast Sale)
Oxfordshire, South East, UK

A sale will be executed at the earliest opportunity. All expressions of interest must be registered by no later than 22 July 2020. An excellent opportunity exists to purchase the business and assets of a well-established commercial lighting contracto...

Asking Price: £50,000
Turnover: £5,000,000

LEASEHOLD


Telecoms & IT Services Provider
London, UK

An opportunity to acquire a UK-based telecoms and IT multi-layered services provider delivering leading edge services to contracted telecoms partners. Successful model operating for over 17 years, in 3 different countries. Significant professional fr...

Asking Price: Offers Invited
Turnover: £2,700,000


View more businesses for sale

News Search

Latest News

 
10
 
Jul
 

Mobile phone supplier and recycler goes into administration | ADMINISTRATION

Mobile phone refurbishment company Redeem UK has gone into a...

 
09
 
Jul
 

John Lewis to close eight stores as COVID-19 accelerates shift to online | BUSINESS NEWS

Department store chain John Lewis has said that eight of its...

 
09
 
Jul
 

Chancellor cuts VAT on hospitality as part of £30 billion rescue plan | BUSINESS NEWS

Chancellor Rishi Sunak has announced a £30 billion pla...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
29
 
May
 

Monsoon Accessorize close to administration | ADMINISTRATION

Fashion retailer Monsoon Accessorize is close to entering ad...

 
09
 
Apr
 

Long Eaton furniture manufacturer enters administration | ADMINISTRATION

Long Eaton-based furniture group JDP Furniture has entered a...

 
19
 
Feb
 

On-demand laundry app snapped up after administration | BUSINESS SALE

Laundrapp, an on-demand laundry service which was touted as ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources