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.
The concept allows the user to cook meat, fish and vegetables live at the table and can be tailored for any type of cuisine, appealing to almost any style of restaurant and home consumers who enjoy food as an experience. Products are used by many of...
RELOCATABLE
The business trade is known for its recipes and traditional pies, fish, bangers and burgers. A fantastic investment opportunity either for a property investor looking to lease the premises for a rental return, or for an owner / operator wishing to ow...
FREEHOLD
The lounge occupies an excellent location in Manchester city centre, bordering the Northern Quarter and is surrounded by many bars, shops, eateries, hotels & offices. The business also benefits from very high levels pf passing trade.
LEASEHOLD
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.