Wed, 29 Jul 2020 | ADMINISTRATION
UK-based banana supplier Winfresh UK Ltd has revealed that it has entered administration after 26 years of operation.
Located near Stansted Airport in Essex, Winfresh has supplied UK retailers and food service providers with bananas since it was first established in 1994.
However, the firm has now been forced to appoint Michael Lennon, Sarah Bell and Philip Dakin of Duff & Phelps Ltd as joint administrators to the business.
Commenting on the issues that have been faced by the business, Lennon said the firms struggles are similar to those currently faced by many food and drink firms over the last 12 months, many of which have been forced into the same position.
He said: "In recent years, the UK banana market has become highly competitive and that has impacted the company in terms of volume and pricing. As a result, the financial position of the company has become untenable and mounting cash flow pressures have resulted in the appointment of the joint administrators."
According to Duff & Phelps, it is working closely with the Winfresh's customers and suppliers to establish what the short-term future could hold for the company, stating that it is "too early" to define what its long-term prospects could be. However, the advisors have confirmed that they will explore all the options available to them, including the possible sale of the company.
Winfresh UK is one of the country's leading suppliers of bananas, including Fairtrade bananas, sourced from thousands of smallholders in the Caribbean. All of these bananas are sourced with the help of parent company Winfresh Ltd, which has a registered office in St Lucia.
A superb opportunity to acquire a business in an extremely coveted location. This extensively refurbished 17th Century Village Inn is located in the highly sought-after village of Chedworth within the Gloucestershire area and sits in the heart of the...
LEASEHOLD
The business draws an excellent level of local trade further enhanced by its first class reputation for top quality beers and an excellent food offering that attracts trade from a desirable clientele emanating from the nearby surrounding towns and la...
LEASEHOLD
A well respected Coffee House & Café which is located in the highly desirable town of Stratford Upon Avon. Comes with two bedroom accommodation above; newly refurbished and fully fitted. The business has been trading for many years and has been in th...
LEASEHOLD
25
|
Apr
|
New private equity owner for fleet hire firm | BUSINESS SALE
West Lancashire-based fleet hire business NRG Riverside has ...
24
|
Apr
|
Middlesbrough metal recycling firm acquired from administration | BUSINESS SALE
Cupral Group Limited, a metal recycling business based in Mi...
24
|
Apr
|
Automotive parts supplier secures PE backing | BUSINESS SALE
Rimmer Bros, a Lincoln-based restorer and supplier of replac...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.