Wed, 26 Jun 2019 | ADMINISTRATION
A cheese-making factory in Snowdonia has collapsed into administration, citing an increase in business costs and a failed attempt to find a buyer as the reason for its downfall.
GRH Food Company has forced to cease its trading operations and call in professional advisory firm KPMG to handle the administration process, with partners Paul Dumbell and David Costley-Wood appointed as joint administrators.
A spokesperson for KPMG said: “The company suffered cash flow issues and was unable to meet its financial obligations as they fell due.”
Dumbell added: “GRH was an ambitious business that had grown in recent years, but the squeeze of increased costs and liabilities put too much pressure on its finances.
“Despite efforts to market the business for sale, a buyer could not be found, which led to the administration.
“Although the facility will not trade during the administration period, we continue to explore all options for this multi-million-pound production facility.”
Established in 1989 in Snowdonia Business Park in Gwynedd, the family-owned business supplied those in the retail, wholesale and food industries both in local and international markets.
In 2017, the Welsh Government presented GRH Food Company with a £1.7 million grant to move to its current premises from its original Llýn Peninsula site.
However, as a result of the administration, Liz Saville Roberts MP said: “I am calling on the Welsh Government to step in and hold urgent talks with the liquidators KPMG, to make sure this valuable public investment in food production in north west Wales is safeguarded for the future.”
For more news stories about administrations click here. For all our administrations listings, click here.
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