Australian dairy processor Brancourts is seeking a buyer after going into voluntary administration.

Broadcaster ABC News reported a spokesperson for administrators PFK Australia as confirming the development, although Brancourts will continue to trade while all restructuring options are assessed including finding a prospective buyer. In the meantime, more than 30 workers have lost their jobs across the company’s two manufacturing sites.

Based in North Sydney, New South Wales, family-run Brancourts was founded more than 123 years ago and manufactures cottage, feta and haloumi cheeses, sour cream and yogurt for retailers and the foodservice channel.

People the broadcaster spoke to cited a reduction in national milk volumes as the factor behind Brancourts problems amid increased competition among dairy processors for supply as more and more farmers close down.

Some 33 full-time workers and four casual staff have lost their jobs at the firm’s plant in the city of Traralgon in the Latrobe Valley, Victoria, while about 20 employees are awaiting their fate at the site in Hexham, near Newcastle in New South Wales.

ABC quoted Victoria’s agriculture minister Jaclyn Symes as saying the government was working with the administrators and the state government to ensure all employees received full compensation.