Joint administrators from FRP Advisory have been appointed as the administrators of Rivington Biscuits
JOINT ADMINISTRATORS from FRP Advisory have been appointed as the administrators of Rivington Biscuits.
The administrative partners, Russell Cash and Ben Woolrych, are continuing trade to fulfil customer orders while marketing for the sale of the business and assets.
The company is best known for making pink wafer biscuits, including the Pink Panther brand and supermarket’s own labelled versions.
It has experienced “challenging” trading conditions in the past year; in particular the sharp decline of the value of the pound, resulting in significant pressure on cash flow and profit margins.
There was no viable alternative but to seek administrative protection while a long-term solution can be explored marketing the business and assets for the interest of the stakeholders.
Russell Cash, joint administrator and partner at FRP Advisory, said: “A sustained deterioration in trading conditions, and significant additional pricing costs, since the sharp fall of the pound, left the business facing unsustainable cash-flow pressure. Rivington Biscuits continues to fulfil current orders into the New Year.
Rivington Biscuits, located in Wigan, employed 123 staff and went into administration on 13 December. The administrators have had to announce the redundancy of 99 staff members, with the remaining 24 staff assisting the administrators with ongoing trading.
The joint administrators will ensure discussions continue with key customers and suppliers whilst encouraging any parties with any business interest to come forward.