Fri, 02 Mar 2012 | ADMINISTRATION
Major County Durham dairy, Rock Farm, has called in administrators after suffering difficulties from bad debts and rising costs.
The dairy suspended trading with immediate effect when administrators from PricewaterhouseCooper were appointed, according to the local Journal newspaper.
The company has a turnover of £17 million from its business of processing and bottling milk and other dairy products for distribution across the North East of England.
PwC’s Stephen Oldfield and Ian Green are now looking to find a potential buyer or investor interested in establishing a ‘tolling’ arrangement, which would allow them to use the Rock Farm facilities for a fee payable to the administrator.
“Trading has suffered in recent months and the administration is clearly disappointing news for all of the stakeholders, and employees in particular,” Mr Oldfield said.
“However, we are looking to secure a rapid tolling agreement for Rock Farm Dairy. We are very keen to speak to anyone who might have an interest in such an arrangement.”
According to the administrators, the family-owned company has 88 employees, but had seen a “significant” rise in bad debts from its customers as well as an untenable rise in operating costs.
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