Thu, 02 Dec 2010 | BUSINESS SALE
Following a management buy-out of its owner, a Sydenham-based frozen desserts factory has fallen into administration.
Owner of Leamington Desserts Limited, Polestar Foods Limited, has been acquired by Privet Capital for an undisclosed sum. As a result, the dessert company, which operates from its base in St Mary's Road on the Sydenham industrial estate, has been placed into the hands of administrators.
KPMG Restructuring in Birmingham are looking to sell it as a going concern, with the firm's Will Wright and Mark Orton stating, “The Leamington factory has been loss making for some time and this has resulted in our appointment.
“Over the next few days we will be seeking to stabilise the business and begin seeking a going concern sale,” they added.
The firm specialises in manufacturing frozen desserts which it supplies to major supermarkets across the country. Since Polestar purchased the company from Heinz at the end of last year, the firm has shed almost half of its 300-strong workforce, and now employs 166 people.
Polestar Foods and its subsidiary, Okehampton Desserts Limited, which is based in Devon, are both continuing to trade as normal.
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