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.
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