Tue, 15 Oct 2019 | ADMINISTRATION
Wrexham-based dairy firm Tomlinsons Dairies has announced to its 330 employees that it has entered administration.
Based in Minera, Tomlinsons Dairies informed its farmers on Saturday that it was no longer able to process their milk and that they must source a new supplier from Sunday.
Administrators at PwC have confirmed that they have been called in to handle the administration process for the company, which is also based in Chester and Shropshire.
The news comes after a £22 million funding boost in 2017 - following the agreement of a new contract with retailer Sainsbury's - which led to the expansion of its cold storage facilities and the creation of an additional 70 jobs.
However, according to a spokesperson for the company, Tomlinsons has suffered an "accumulation of significant operating losses" in the past few years, with issues such as energy costs and a low cream price only exacerbating their problems.
In a statement, the company stated that it regretted the impact the decision would have on those linked with the firm: "The family shareholders, directors and management of Tomlinsons are devastated by the administration and sincerely regret its impact on their customers, suppliers, farmers and employees."
A spokesperson from the Welsh Government revealed that it would create a taskforce that will work with those affected by the closure. They added: "We are in discussions with farming unions and other stakeholders to consider what support is required at this difficult time.
"We have worked closely with Tomlinsons dairy over the last 18 months to try to help them resolve their ongoing business issues."
PwC will now work with Tomlinsons Dairies to decide whether the company should begin the search for a buyer or seek to sell its assets individually.
The business trades as a Chinese buffet restaurant and enjoys a great reputation for its huge variety of Chinese dishes and desserts, and has a large customer base made up of locals and regulars, as well as benefitting from surrounding businesses, ho...
FREEHOLD
The venue enjoys an excellent reputation for its quality food and service, all served in a relaxed environment with a real neighbourhood spirit, serving up a variety of contemporary menus including brunch, small plates, a la carte, as well as caterin...
FREEHOLD
Superb pub restaurant producing annual net sales around £550,000 on limited opening hours. Operated by vendors for 5 years. Boasts a substantial garden trading area.
FREEHOLD
07
|
Apr
|
New tech business formed by Sundown and Ancoris deal | BUSINESS SALE
A pair of major technology companies have launched a new bus...
04
|
Apr
|
Data Centre group Cross-Guard crashes into administration | ADMINISTRATION
Data centre equipment manufacturer and installer Cross-Guard...
04
|
Apr
|
Westerby Group selects employee ownership | BUSINESS SALE
Leicester-based financial services firm Westerby Group has t...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.