UK nut supplier Trigon Snacks has fallen into administration, putting around 130 jobs at risk.
Trigon, the manufacturer of the Big D and Planters peanut brands, was placed into the hands of David Whitehouse and Steven Muncaster of global financial advisory and investment banking firm Duff & Phelps earlier this week.
The company, which turns over GBP30m (US$47.6m) is one of the key importers and processors of nuts in the UK and supplies to some of the biggest UK supermarkets and wholesalers.
“The business model has changed over recent months and whilst better margins were achieved by sourcing product directly from growers, reduced credit terms and delays in seasonal customer orders led to a significant short term cash requirement which ultimately could not be bridged,” said Whitehouse.
As a consequence of the company’s insolvency, the administrators said they are “reviewing” its financial position whilst “urgent discussions” are being held with key customers and parties who may be interested in acquiring some, or all of the business.