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.
Prime opportunity for growth and expansion Includes existing/ongoing pipeline (ave. 20 kitchens circa £500k) £550k funds extracted during 2016-2019 period - confirming profitability.
LEASEHOLD
Produces a core range of high quality craft beers alongside numerous occasional beers to suit all tastes & evolving trends. Beers are packaged into cask keg & can. Continually expanding its brewery to satisfy demand from pubs retailers & private indi...
British Retail Consortium certified producer of branded & private-labelled pastry-based products sold to the wholesale frozen food service market. Operates from a 20000ft² facility with multiple production lines stores chillers & freezers.
|
03
|
|
Dec
|
Halfords to acquire £157m-turnover Axle Group Holdings for £62m | BUSINESS SALE
Halfords Group has announced that it will acquire automotive...
|
02
|
|
Dec
|
Staycation M&A surge continues as Midlothian plans £170m Park Leisure sale | BUSINESS SALE
Midlothian Capital Partners is reportedly exploring a potent...
|
02
|
|
Dec
|
Private equity-backed takeovers stabilise in third quarter | BUSINESS NEWS
The latest Buy and Build Barometer from Rickitt Mitchell has...
Sign up to receive our acquisition alert emails to get your FREE guide
|
10
|
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
|
21
|
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
|
09
|
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources