Moorfields appointed Administrators over another food manufacturer in Buckinghamshire as supermarkets continue to squeeze margins
Powerful supermarkets are continuing to put pressure on food manufacturers as they compete in price wars to keep customers.
Mondo Foods Limited based in Buckinghamshire was placed into administration on Tuesday 17 May 2012.
Simon Thomas and Robert Pick, of Moorfields Corporate Recovery LLP, have been appointed as Joint Administrators.
SURVIVING WITH SHORT TERM STRATEGIES
Mondo Foods specialised in the manufacture of quiches to major supermarkets, wholesalers and retailers. Originally incorporated in August 1991 as Marcopolo Trading Limited, Mondo foods had successfully traded for 21 years.
In Q4 2011 the company started to experience financial difficulty as a result of increased pressure from key customers and entered a Company Voluntary Liquidation (CVA). Unfortunately the company was unable to generate sufficient turnover to make the CVA work and ceased trading in May 2012
Following a period of marketing the administrators successfully achieved a sale of the company’s assets.
“The food manufacturing industry has been hit particularly hard by the recession. Many manufacturers are failing to put in place long term plans and rely on short term strategies to help them survive. Inevitably in some cases these solutions are insufficient to ensure the long term survival of the business. In this instance the trading premises and equipment have been sold and it is anticipated that business will be recommencing in the near future.” said Simon Thomas, Partner of Moorfields.
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