Administrators have been appointed at QV Realisations, a UK-based potato producer, with 200 jobs under threat.
QV Realisations, part of UK vegetables business AH Worth Group, ceased operations on 10 June.
The food business has appointed Paul Meadows and Matt Cowlishaw of Teneo Financial Advisory Limited as joint administrators.
The company is a potato processor and packer, based in Spalding in eastern England.
“The company has suffered significant losses in its last two years of trading, due to the combination of volatile potato prices and increased operating costs that were not fully recovered in its selling prices,” Teneo said in a statement.
“Whilst efforts were made to find a buyer for the business, unfortunately no funded, deliverable offers were received. As a result, the company ceased to trade on 10 June 2024.”
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.
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 GlobalDataMeadows added: “Regrettably, the closure of the company has led to [approximately] 200 redundancies, with a skeleton team retained to support the administrators in the wind-down of operations.”
Duncan Worth, group CEO told the BBC: “This is a very sad day for our business and especially all our colleagues affected at Holbeach. This is not a decision that we have taken lightly and one we only took after exploring all other possible options.”
“We have an excellent portfolio of products, with end-to-end supply chains.”
“All other companies in the group are profitable with strong balance sheets, and continue to trade as normal,” Teneo added.
