Tue, 09 Oct 2012 | ADMINISTRATION
Paramount Foods, one of the UK's biggest manufacturers of pizzas, has entered administration, putting around 450 jobs at risk.
The company employs 312 people at its Deeside site and a further 138 on its Salford site but operations have been suspended while urgent talks take place with the firm's key customers.
Duff & Phelps are handling the administration and talks are underway to see if there are any parties that might be interested in acquiring some or all of Paramount. David Whitehouse, joint administrator with Sarah Bell, commented: “Whilst the company has incurred trading losses historically, the recent loss of a major customer has left the company without any prospect of returning to profitability in line with a turnaround plan embarked upon in July this year.”
The company moved to Deeside in 1998 after taking over a mothballed Heinz sauce manufacturing plant. It had plans to become one of the largest pizza making centres of Europe, however, it seems that financial problems have gotten the better of Paramount and a business sale is the best way to recover at least some parts of the company.
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