Blue Ribbon Meats has turned down a refinancing offer put forward by a Melbourne-based syndicate, and announced yesterday that the struggling company has been put in voluntary administration.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


The decision was chosen as an alternative to receivership and gives Blue Ribbon up to another three months of life. CEO Ray Joy stressed: “Where this is life there is hope.”


“It is a difficult course of action for the company to take,” admitted Joy, but he commented: “With the administrator appointed they are giving us a chance to succeed, which is all we ask.”


Founded in 1657 by Czechoslovakian refugee Joe Chromy, Blue Ribbon Meats became a Tasmanian empire that at its peak recorded annual turnover of A$75m (US$38.8m) and processed around 50% of the state’s livestock. Exports were worth A$28m, and abattoirs in Smithton and Launceston employed 471 people.


For the six months to December 2000 however, Blue Ribbon posted a loss of A$3.18m. This has escalated to debts of A$6m owed to the Commonwealth Bank of Australia and A$4m owed to suppliers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

On Tuesday, trading in the company’s shares on the Australian Stock Exchange was suspended at A$0.13, down from the 1993 issue price of A$1.60.


Joy remains optimistic about the company’s ability to turn around over the next three months. “People wrote us off last year and we are still here and still surviving. The one thing I can be proud about my group is they are bloody good fighters.”


Staff cutbacks will be unavoidable however, the extent of which will be largely determined by livestock availability.


Dick Shoobridge, who has been appointed administrator, stressed that he aims to protect as many jobs as possible but said that it is still too early to predict the outcome of the restructuring process.