Thu, 07 Jun 2012 | ADMINISTRATION
The future of 105-year-old Rock Farm Dairy has been protected after being sold out of administration.
The County Durham-based dairy drafted in administrators from PwC back in March after being hit by bad debts and hiked costs. PwC has now sold the business as a going concern, the BBC reported, saving over 50 jobs out of 88. The remaining staff have lost their jobs.
The administrators had arranged a tolling agreement with UKDS that lasted 90 days, enabling the troubled business to continue trading. Subsequent discussions between UKDS and the administrators led to the sale.
The new owner UK Dairy Sales (UKDS) Limited is to preserve the Rock Farm Dairy brand name and has plans to use £2 million for its development.
UKDS owner Jon Thornes commented, “With the future of the dairy secured we can now concentrate all our efforts into growing the business, creating new local jobs and continuing to produce the highest quality, locally produced milk and dairy products for our thousands of customers across the north of England.”
Joint administrator Stephen Oldfield noted that, “The sale is positive news for all stakeholders as it enables the transfer of 55 employees and preserves continuity of supply to customers in the North East.”
Previous story - Administrators seek 'tolling' arrangement for Rock Farm dairy
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