Tue, 24 Sep 2019 | ADMINISTRATION
Thomas Tucker Limited, an independent popcorn manufacturer that supplies to cinemas and supermarkets across the company, has collapsed into administration.
Insolvency specialists Mazars have been called in to handle the administration process, with partners Adam Harris, Michael Pallott, Patrick Lannagan and Scott Bevan appointed as joint administrators.
Established in 1988 in Nottinghamshire, Thomas Tucker Limited is behind the Tommy Tucker, Thomas Tucker, Family Bakery and Krax brands. The company is based in North Anston, Sheffield.
However, in August this year, the company was forced to recall a number of its products under the assumption that it contained undeclared milk, which posed as a health risk to those who have allergies.
In spite of this, the administrators are hopeful that the company can be sold as a going concern.
Adam Harris said: “The business has had a difficult year and had undergone an operational restructure and further investment by its owners.
“Whilst the underlying cause was disputed, the business agreed to a voluntary product recall following an ongoing investigation with the Food Standards Agency. The recall has resulted in significant losses, pressure on working capital and, following a review, there were insufficient further funds available to bridge the shortfall identified.
“Nevertheless, we are hopeful a sale will be achieved in light of the business's reputation for quality and its dedicated workforce. A going concern sale would secure the best outcome for the business's suppliers and customers and secure a future for the remaining employees.”
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