Australian poultry processor Inglewood Farms has been placed into receivership as a result of lack of funding after its parent company fell to the same fate.
Inglewood – a subsidiary of RM Williams Agricultural Holdings, which moved into receivership last month – has appointed PPB Advisory as receivers.
Inglewood, the largest organic poultry producer in Australia, employs around 100 staff and has an 80% share of the Australian organic poultry market. Its Queensland facility accommodates around 300,000 birds and processes 27,000 per week.
PPB Advisory said its appointment followed notification by the company’s directors that they were intending to resign after Inglewood’s shareholders indicated they would not provide additional funding to support the company’s ongoing operations.
In addition to the lack of funding support, the shareholders have sought to withdraw use of the RM Williams brand by Inglewood Farms.
“PPB Advisory is undertaking an urgent review of Inglewood Farms and is working closely with the secured creditor and the team at Inglewood Farms to ensure the operations continue with minimal disruption, and to prepare the business for a possible sale. During this time the business will trade on a business as usual basis,” the receivers said.
“Our immediate priority is to support the experienced team at Inglewood Farms so the business can continue operating while we undertake this review. We are working with a number of stakeholders to try to secure the future of the business.”
PB Advisory will act as receiver for both RM Williams Agricultural and Inglewood Farms.
A second Australian poultry processor is also understood to have gone into receivership. Goldfields Turkeys has reportedly announced it is winding down its operations due to “reduced financial viability resulting from higher costs and greater competition”, according to The Weekly Times.
Goldfields Turkeys, which employs around 50 staffs, is understood to have already stopped accepting birds for processing and expects to wind up sales of the business by October.