Thu, 05 May 2022 | ADMINISTRATION
A buyer is being sought for salmon processor Bleiker’s Smoke House, which fell into administration shortly after losing a major contract with a UK supermarket. The Yorkshire-based company had been the supplier for Aldi’s “Specially Selected” smoked salmon range until it was abruptly dropped at the start of April.
Following the loss of the contract, which was thought to account for between 50 – 70 per cent of Bleiker’s turnover, the company appointed FRP Advisory in an attempt to find a buyer for its brand and plant or to restructure the business. A small number of employees were kept on to help the company supply its remaining contracts.
When a buyer could not be found by April 28, the company entered administration with staff made redundant and the business ceasing trading. Despite this, joint administrators Martyn Pullin and Phil Pearce of FRP Advisory continue to seek a buyer for the company and its assets.
FRP Advisory said: "After the loss of a significant contract, the business began consultation with its employees. The business and assets were marketed for sale, but a buyer could not be found.”
Aside from its contract with Aldi, through which it supplied the supermarket with RSPCA-approved raw material, Bleiker’s branded products are also sold at supermarkets including Morrison’s, Sainsbury’s and Tesco.
Prior to the loss of its contract with Aldi, in its financial reports for the year ending April 30 2021, Bleiker’s reported a post-tax profit of £296,138 on turnover of £14.09 million. The company’s fixed assets were valued at £1.47 million and current assets at £3.8 million, with net assets amounting to £2.4 million.
In a statement, joint administrator Martyn Pullin said: "Bleiker’s was a family operation with a track record of supporting both major and independent retailers. The loss of a significant contract left the business in a difficult financial position. Regrettably, the insolvency has meant that the business is no longer able to continue trading and redundancies have been made.”
Pullin added: “We are now focused on exploring options to sell the business and its assets and encourage any interested parties to come forward.”
Find out more about attempting to sell a business prior to insolvency.
View the latest distressed UK businesses here.
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