Tue, 01 Aug 2023 | ADMINISTRATION
A supplier of milk and dairy products has fallen into administration after being lossmaking for several years. Fresh Pastures and School Milk, which is based in Normanton, West Yorkshire, was founded in 2006 and supplies dairy products to thousands of schools, nurseries and councils across 14 local UK authorities.
RSM UK Restructuring Advisory LLP’s Gareth Harris and Lee Lockwood were appointed as joint administrators to Fresh Pastures Ltd and School Milk UK Ltd on July 24. The company appointed administrators amid difficult ongoing trading conditions, with 66 staff made redundant upon the appointment of the administrators.
Joint administrator and RSM UK partner Gareth Harris commented: "Unfortunately the business has been loss making for several years, and despite concerted efforts by management it did not prove possible to turnaround performance; or find a buyer for the entire business.”
"With further losses predicted over the summer and a large funding requirement imminent, the directors took the difficult decision to close.”
In the year ending August 31 2021, School Milk UK Ltd reported turnover of £2.27 million and pre-tax profits of £21.7k, at the time the company’s net assets amounted to £23.8k. For the same period, Fresh Pastures Ltd reported turnover of £5.3 million, but fell to a pre-tax loss of £665,509 and had net liabilities of £1.2 million.
Read about how rising interest rates could see an uptick in insolvency rates among vulnerable companies.
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