Wed, 19 Jun 2019 | ADMINISTRATION
Financial difficulties at a London-based meat and poultry distribution facility founded in 1890 have forced the company into administration.
Located in Colindale, North London, with distribution operations run from Mansfield, the Nigel Fredericks Trading Limited was forced to cease its trading operations and close its doors. It appointed professional advisory firm and business recovery specialists Dow Schofield Watts to handle the administration process, with partners Lisa Moxon and Ben Barratt appointed as joint administrators.
Nigel Fredericks was known to provide wholesale services to the hotel, leisure, catering and education industries. The company also supplied a number of high-profile sports venues.
It previously fell into administration in September 2018 but was immediately bought out by independent shareholders and directors.
However, the business ran into cash flow difficulties again due to rising costs and a drop in credit insurance, forcing it to appoint administrators. Brexit was also cited as one of the reasons for a decline in trade, and therefore financial issues.
Lisa Moxon commented on the administration, saying: "Conditions in the meat and poultry industry have been difficult and Nigel Fredericks Trading Limited has come under pressure from a range of different factors. The new directors and their loyal staff have worked incredibly hard to turn around the business, improving quality and service and introducing significant personal investment, but despite their best efforts, it failed to achieve the turnover required to ensure its viability.
"We have been working with the board to review options for the business including finding a new buyer, but while there were a number of interested parties, none was willing to take it forward. It is with regret that we have had to announce the closure of this long-established business, however, the directors would like to thank staff, customers and suppliers for all their support."
The assets, which include a range of new meat-processing equipment, will be auctioned off in due course.
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