Tue, 14 Dec 2010 | BUSINESS SALE
A hotdog manufacturer based in Malton has fallen into administration following a funding gap linked to its pension scheme.
Westler Foods produced food products in both canned and pouched form for large brands including Chesswood, BigMex, Westlers and Multi Menu. It employed more than 200 people at its headquarters.
During an evaluation of its spending in early 2009, the business discovered a funding gap of more than £15 million related to its defined benefit pension scheme.
Following the findings, Westler Foods attempted to fill the gap with both external and internal investment over the past year, but found it impossible to do so and were forced to call in KPMG as administrators.
Howard Smith and Mark Firmin of KPMG's restructuring practice, said, "This is an uncommon and unfortunate situation of a well-run and profitable business being compelled to enter insolvency specifically because of the scale of its pension deficit.
"The company has a number of extremely interesting contracts so we are trading the business as a going concern while seeking a buyer," he added.
Nine out of the 200 employees have already been made redundant.
Opportunity to acquire an established mixed dental practice in Tyne and Wear, efficiently led by associates.
LEASEHOLD
Established for over 40 years with a turnover in excess of £500,000, the business enjoys limited competition locally. The sale includes the business assets and the lease of the premises will be assigned to the new owner.
Major landmark store, 100+ years established, occupying valuable trading position within this mid-Devon town, centrally positioned on Crediton high street, opposite Costa Coffee, close Tesco Express, with free restricted stay car parking immediately...
FREEHOLD
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