UK pizza producer Paramount Foods has entered administration with the loss of 118 jobs.
Financial advisory and investment banking firm Duff & Phelps, appointed administrators of the group, said the job cuts will be made across its two sites in Salford, Manchester and Deeside, North Wales, with immediate effect.
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However, while the administrators had originally suspended operations during which “urgent discussions were held with key customers and parties who may be interested in acquiring some or all of the business,” operations have now resumed.
“As a result of those conversations with the positive support we have received from key customers, the company has resumed trading with the aim of securing an on-going trade sale of the business and its assets,” said Duff & Phelps partner David Whitehouse.
“Regrettably a number of redundancies were required in order to provide the opportunity to continue to trade the business in the short term.”
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.
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By GlobalDataTalks are being held with parties who may be interested in acquiring some or all of the business.
