Tue, 10 Jan 2012 | ADMINISTRATION
Skegness-based multi-million pound meat processing firm, Lincolnshire Prime Meat Company, has fallen into administration, with debts reported to be in the £1.4 million region.
The Skegness Standard has reported that the company called in administrators from insolvency practitioners, SFP, on 5 January to handle the sale of the business and its assets.
SFP group partner, Simon Plant, said that the multi-species abattoir had faced insurmountable financial problems recently, despite having an annual turnover of some £12 million, and they had to cease trading at the company.
"Despite working with a number of significant customers and having a substantial turnover, Lincolnshire Prime Meat company was unable to continue trading after under financing led to cash-flow issues," Plant said. "We are currently in discussions with various interested parties for a sale of the business and assets."
The business largely dealt with the processing of pigs, although it did handle other animals as well. It employed a staff of 26 and at its height had a throughput of some 1,600 animals per week.
The chair of the Skegness Chamber of Commerce, Glenis Brown, said the company's difficulties were bad news for the town, but she hoped the administrators would be able to structure a decent resolution.
She said, "We have to hope that the administrators can interest someone who can generate the throughput needed to keep the abattoir going."
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