Administrators start distressed asset sale of Mariner Foods

Thu, 28 May 2015 | ADMINISTRATION

Administrators for Grimsby-based Mariner Foods are starting to arrange the sale of the collapsed company's distressed assets.

The company stopped trading on 5 May and appointed Kingsbridge Corporate Solutions as administrators on 13 May after struggling with a reduced turnover due to a drop in customers and access to strategic raw materials.

High operating costs associated with the factory location in Great Grimsby Business Park also contributed to the firm's difficulties.

Reports from the Yorkshire Post have now confirmed that the administrators have instructed industrial auctioneers CJM Asset Management to sell off the firm's plant, machinery and equipment.

The sale of the firm's assets is expected to generate around £250,000 with major interest expected due to the high profile of food manufacturing in the region.

CJM director Paul Cooper told the paper: “It’s a pretty spectacular array of equipment.

“Mariner Foods took over and equipped the factory in June 2012, so pretty much everything is post that date and quite a lot of it is considerably newer than that.”

Mariner Foods' parent company Sealincs Ltd was considering restructuring the company during the administration period, but it appears now that the focus is on the sale to ensure as much funding for creditors can be recovered.

The disposal of the company's assets will take place on 2 June 2015.


Read more about Mariner Foods' administration or check out other businesses in administration.


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