Tue, 11 Jun 2024 | ADMINISTRATION
QV Realisations Limited, a potato packer and processor based in Lincolnshire, has fallen into administration and ceased trading. The company, formerly known as A H Worth Limited, was part of the A H Worth Group.
The business had incurred significant losses over the past two trading years, resulting from a combination of volatile potato prices and rising operating costs that it was unable to recover fully in its selling prices.
Paul Meadows and Matt Cowlishaw of Teneo have been appointed as joint administrators, impacting both the group’s Fresh and Prepared operations at its Holbeach site. A H Worth’s operations at Fosdyke and across its Farms businesses are unaffected and continue to trade as normal.
Joint administrator Paul Meadows commented: "Regrettably, the closure of the company has led to circa 200 redundancies, with a skeleton team retained to support the administrators in the wind down of operations.”
Chief Executive Duncan Worth added that the decision had not been taken lightly and that administration was only decided upon “after exploring all other possible options.”
Worth continued: "Our remaining businesses across Fosdyke and the Farms are profitable and with continued focus and the support of the Worth family, we are confident that we will continue to build a strong and successful future for A H Worth Group.”
In its accounts for the year to May 31 2023, the company (then trading as A H Worth Limited), reported turnover of £79.6 million, up from £74.6 million a year earlier, but saw its losses widen from £1.9 million to £6.6 million.
At the time, the company’s fixed assets were valued at just under £7.6 million and current assets at £14.1 million. However, net liabilities at the time totalled more than £1.5 million.
A H Worth and Company was founded in 1895 by Arthur Hovenden Worth, who established the 2,000-acre Manor Farm which remains the centre of the group’s operations.
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