Duncan Swift and Simon Morris, both partners in Grant Thornton’s Recovery & Reorganisation Services, were appointed administrative receivers at the request of the company earlier this week, after the group ran into liquidity problems.
Smith said in a statement: ‘At this time we are not contemplating redundancies and we hope that none will be made.’
The administrators said they intended to continue to trade the business ?normally? with the support of customers and employees with the view to achieving a going concern sale of the business.
Devon Desserts and BG Foods, which trades under the Devon Desserts label, have factories in Brunel Rd, Newton Abbot in Devon and employ 400 people. They supply chilled and frozen food to the UK’s retail and food service sectors.
Last year the company had turnover of over Pounds 40m. In March, chief executive Michael Cole said demand levels were so high the group aimed to double turnover within the next five years as well as grow staff numbers by between 15 and 20%.
But this year, the group suffered ‘severe competitive pressure’, which disrupted its growth plans resulting in trading losses resulting in the group running out of working capital.
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