UK: Paramount Foods makes further job cuts

By Michelle Russell | 29 October 2012

Afurther 41 job cuts had now been made at Paramounts Deeside premises

Afurther 41 job cuts had now been made at Paramount's Deeside premises

UK pizza producer Paramount Foods has made a further 41 redundancies as a result of the firm going into administration earlier this month.

Financial advisory and investment banking firm Duff & Phelps was appointed administrator of the group, which entered administration on 9 October. At the time, around 118 job cuts were announced across its two sites in Salford, Manchester, and Deeside, North Wales.

In a further statement today (29 October), the administrator said a further 41 job cuts had now been made at the company's Deeside premises, bringing the total redundancies to 173 across the two facilities.

David Whitehouse, partner of Duff & Phelps, said order volumes had fallen and that "the company's declining turnover cannot sustain its existing level of overheads".

"Further redundancies were required at the Deeside site in order to enable continued trading in the short term whilst a purchaser is sought," Whitehouse said.

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. It had employed 138 people at its Salford site and a further 312 in Deeside.

Talks are being held with parties who may be interested in acquiring some or all of the business.

Sectors: Frozen, Mergers & acquisitions

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