Bristol-based food group TQF, which supplies schools, fastfood chains and retailers with frozen and chilled processed meat products, has gone into administration.
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The beef burger and sausage manufacturer has witnessed plummeting sales and declining cash flow due to waning customer orders, the result of healthy eating trends. The company has been hit hard by the campaign to improve food standards in schools, spearheaded by TV chef Jamie Oliver.
TQF operates a factory in Yate, near Bristol. The company employs approximately 40 staff at its factory and has an annual turnover of approximately GBP2.5m (US$4.74m).
PricewaterhouseCoopers have been appointed administrators to the company. The business will continue to trade while a buyer is sought.
Nick Cropper, joint administrator and director at PricewaterhouseCoopers, said: “TQF is a well-established local business. Our key priority now is to work hard to secure the sale of the business as a going concern. We are now contacting interested parties, customers and suppliers to achieve this.”
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By GlobalData
