Wed, 12 Apr 2023 | ADMINISTRATION
North Yorkshire-based online meat retailer Farmison Ltd has fallen into administration and ceased trading, with the company’s assets now set to be sold. The company had recently undertaken a fundraising process as it sought to secure external investment to fund its business plan but was not able to raise a sufficient amount.
The company, which was based in Ripon, was a premium, online butchery firm, serving consumers, retailers and restaurants across the UK. In the wake of significant operational investment, the company’s revenues were not able to reach the level required to sustain its cost base.
In the business' most recent accounts at Companies House, for the year ending December 31 2021, it reported revenue of £11.8 million, compared to £10.3 million in the preceding nine month period. However, over the same period, it fell from a £1.2 million profit to a £2.5 million loss.
Despite exploring available options over recent weeks, a sale of the business and its assets could not be secured, leading to Farmison’s directors deciding to place the company into administration. FRP Advisory’s Arvindar Jit Singh and Ben Jones were subsequently appointed as joint administrators on April 6.
Upon their appointment, the business ceased trading, with a skeleton staff retained to assist in the process after the majority of its 75 employees were made redundant. The joint administrators will now seek to sell Farmison’s assets, which include intellectual property, the brand and goodwill.
In Farmison’s most recent accounts, its fixed assets were valued at close to £3.2 million and current assets at around £2.9 million. At the time, the firm’s net liabilities amounted to £170,414.
Joint administrator and FRP partner Arvindar Jit Singh commented: "Farmison had made significant investment in recent years in its operations as it aimed to carve out a differentiated brand and offering in the online retail space. However, it proved too heavy a burden to sustain without the uplift in sales that it had expected.”
"Without a major capital injection, the business could not continue trading and we must now commence an asset sale. We encourage any interested parties to come forward. In the meantime, we have a specialist team working with impacted staff to access support through the Redundancy Payments Service."
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