UK: Administrators begin Paramount Foods wind-down
Duff & Phelps was appointed administrator of Paramount when it entered administration in October
The administrators of UK pizza producer Paramount Foods has begun a phased wind-down of the business.
The closure of the business, which makes private-label chilled and frozen pizza, comes after a potential deal failed feel through. It will lead to the loss of 278 jobs.
David Whitehouse, partner of administrator Duff & Phelps said "advanced discussions" regarding a sale of the business had been held with "an interested party". However, he said "for reasons outside of their control has had to withdraw their offer".
"We would like to take the opportunity to thank the employees for their continued support throughout the administration process and we will offer support where required to staff involved as the business winds down," said Whitehouse.
Duff & Phelps was appointed administrator of the group when it entered administration in October. At the time, around 118 job cuts were announced across its two sites in Salford, Manchester, and Deeside, North Wales. That number has now risen to 278.
Paramount is one of the largest manufacturers of frozen and chilled pizzas in the UK and it counts some of the major supermarkets amongst its customers. Before it entered administration in October, it had employed 138 people at its Salford site and a further 312 in Deeside. The company cut staff to try to make the business viable but the moves seem not to have worked.
- What next for Nestle under new CEO Schneider?
- Unilever is "working harder" in tough environment
- Nestle catering for an ageing global population
- Hemp food sales in the US set for growth
- Brexit and UK food market policymaking
- Unilever sees growth but spreads decline continues
- Campbell's Soup's sustainable growth strategy
- Job cuts imminent as General Mills restructures
- Arla Foods unveils strategy for growth up to 2020
- US demand for organic food exceeding supply