Thu, 29 Oct 2015 | ADMINISTRATION
Asian ready meal specialist, S&A Foods, has entered administration after the loss of a major contract with supermarket Asda.
The business had already laid off 200 staff last week and put a stop to production due to a shortage of some ingredients. But this week (27th October) the firm has confirmed that all 300 workers have been made redundant as the business shuts its doors.
Deloitte have been appointed to handle the administration and will keep on a very small number of staff to wind things down.
Perween Warsi, who founded the business, explained that Asda's decision to use another meal supplier was behind the company's administration.
She added: “We have worked desperately hard to try and save the business in a very short space of time, but, having explored many different options and rescue packages, we have no alternative but to appoint administrators.”
Ms Warsi had previously noted that the firm was not in a position to pay a number of its suppliers but the closure of the business is being laid firmly at Asda's feet with the founder adding: “Now is not the time for recrimination and the full facts will emerge in the coming weeks, but the harsh reality is that we simply could not run a financially viable business on the revised terms offered by Asda.”
The business was founded in 1987 and was bought into in 1988 by a venture capitalist. It took full control back from its investors in 2004.
Find a business in administration that suits your interests.
Or subscribers can check out our recent article on food industry acquisitions in the UK.
This long-established commercial refrigeration business, based in the South East, boasts a well-respected brand and an extensive client list across the hospitality, medical, and marine industries.
This Midlands-based MSP has a proven track record delivering tailored IT solutions to a diverse client base across sectors such as automotive, healthcare, and construction.
An opportunity has arisen to acquire a leading luxury florist company supplying high profile, prestigious clients. Its client list includes luxury brands, film companies, event planners, catering firms as well as corporate and private clients.
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.