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

Childrens Day Nursery
Leicestershire, UK Wide

Nursery and out of school club. Ran under management. Registered for 175 places. Established in 1993. This is a retirement sale. Offers invited.

Asking Price: £325,000
Turnover: £766,934

Industrial Parts Distribution
UK Wide

This business has established a strong brand within its market place in over 20 years of trading. The owners have built a strong team to operate the business on a day to day basis. Offers invited.

Asking Price: Offers Invited
Turnover: £5,000,000

LEASEHOLD


Tagging Services to Library Sector
UK Wide

If you are looking for an uncomplicated yet profitable business, this is it. Using RFID and BLE technology our client works across a number of sectors to electronically tag assets for ease of monitoring. Put simply, the business is one link in a chai...

Asking Price: £395,000
Turnover: £450,000

WORK FROM HOME



View more businesses for sale

News Search

Latest News

 
14
 
Nov
 

Scale manufacturer taken over in MBO | MBO/MBI

Weighing scale manufacturer Marsden Weighing Group has been ...

 
13
 
Nov
 

Brighton energy firm appoints administrators | ADMINISTRATION

Brighton-based utilities company Toto Energy has gone into a...

 
12
 
Nov
 

MBO at Gloucestershire bricklayers | MBO/MBI

Gloucestershire building services firm Cavendish Park Brickl...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
30
 
Oct
 

Building contractor Simons goes into administration | ADMINISTRATION

Lincoln-based building contractor Simons Group has announced...

 
22
 
Aug
 

Welsh technology firm plunges into administration | ADMINISTRATION

Thought to be one of the country’s leading ICT supplie...

 
17
 
Jul
 

Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION

A caravan manufacturing business in Preston is on the lookou...

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