Fri, 23 Mar 2012 | ADMINISTRATION
Catering business Key Catering has entered administration after suffering falling sales due to increased competition.
Headquartered and founded in East London, the firm has branches in Manchester, Birmingham, Motherwell and Portsmouth. It supplies cutlery, plates, hot paper cups and lids, fast food containers and food products for vending machines, amongst other items.
Cameron Gunn, Simon Harris and Mark Supperstone of ReSolve Partners LLP have been brought in as the joint administrators. The firm is to remain trading while a buyer is sought for the business as a whole or its assets.
Speaking to Insolvency Today, Mr Gunn commented: “Key Catering is a long-established family business that has previously posted revenues of £30 million per annum although it has suffered from increased competition which has seen such revenues decline.”
Its customers and employees are still with Key Catering and it has a strong order book despite the move into administration.
Founded in 1975, Key Catering began supplying disposable items to the catering trade. Its numerous blue-chip clients include Nestle, Cadbury, Plastico, British Sugar and EcoTech (Europe) Ltd.
Its most up-to-date accounts filed in May 2011 show revenues of £16,338,483, which was down by 40 per cent, with a post-tax profit figure of £22,724.
Contact the administrators here.
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