Fri, 12 Oct 2012 | BUSINESS SALE
Administrators have confirmed that they are looking to sell Paramount Foods as an actively trading company.
It was confirmed earlier this week that Paramount Foods had entered administration due to the recent loss of a major customer, which left the company “without any prospect of returning to profitability” through the turnaround plan it embarked on earlier this year.
Now, David Whitehouse, administrator and partner at Duff & Phelps, has confirmed that the plan is to put up the business for sale. Mr Whitehouse commented: “On appointment and as a consequence of the Company's insolvency, the joint administrators suspended operations whilst urgent discussions were held with key customers and parties who may be interested in acquiring some or all of the business.
“As a result of those conversations with the positive support we have received from key customers, the Company has resumed trading with the aim of securing an ongoing trade sale of the business and its assets.”
The administrator added that a number of redundancies were still required in order to provide “an opportunity to continue to trade the business in the short term”. A total of 118 jobs have been lost between the two Salford and Deeside sites, with immediate effect.
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