Australian yoghurt producer Tamar Valley Dairy has moved into administration amid slowing sales and pressure on profits.

Deloitte has been named as the administrator for a business based in Tasmania and which employs around 170 staff.

“It is an extremely competitive sector and the business has been challenged by a slowdown in sales and pressure on margins,” Glen Kavensky, one of the administrators, said. “We are currently examining the trading position of the business and will be working closely with all key stakeholders to allow the business to continue to operate as normal. A date for a creditor’s meeting will be announced shortly.”

Creditors, including two fruit suppliers and dairy farmers, are believed to be owed over A$11m, The Australian newspaper has reported.

A second Deloitte administrator working with the business, Tim Norman, said: “Our immediate priority is to commence an urgent expression of interest process to recapitalise or sell the business.”

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