Australia’s TasFoods has entered voluntary administration after failing to sell its core Nichols Poultry business.
In a statement filed with the Australian Securities Exchange today (12 March), the company said the group boards had appointed KPMG in Australia, with partners Tim Mableson, David Hardy and Emily Seeckts overseeing the administration process.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The course of action was taken after the board determined voluntary administration was “the most appropriate way to restructure the group” following an unsuccessful sale process for Nichols.
The move follows TasFoods’ disclosure in December that it had received two “indicative non-binding” proposals for Nichols Poultry during a review of the unit. However, it cautioned at the time that the approaches were “not at an advanced stage” and that it was weighing “all options, including divestment”.
The Launceston, Tasmania-based company said today the board had taken “every step it could” to find a buyer for Nichols but the attempt was “unsuccessful”.
Additionally, TasFoods called on state and federal governments to support the ongoing operation of the business and its “hundreds of staff, suppliers and customers” during the administration process.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe control of the group has now passed to the administrators and the company will continue trading on a “business-as-usual basis” while KPMG explores options including a going-concern sale and/or a recapitalisation.
The first statutory meeting of creditors is scheduled for 23 March.
Meanwhile, parties interested in recapitalising TasFoods and/or acquiring the company, or any of its assets, can contact the administrators, the statement added.
The development comes amid broader portfolio reshaping at the ASX-listed group. In September, TasFoods agreed to sell its Pyengana Dairy operation for A$2m ($1.3m at the time).
Announcing first-half results in August, TasFoods reported a net loss after tax of A$3.6m, a 29% improvement on the net loss after tax of A$5m a year earlier.
Sales revenue for continued operations fell 21% year-on-year to A$19.9m.
TasFoods is yet to release its full-year FY2025 financial statements.
Last month, the company told the market it expected a delay in lodging its audited accounts and annual report, citing the need for “additional time” to finalise the documents alongside a “proposed sale transaction” it described as material.
