Trigon Snacks, a UK-based peanut processing firm, has entered into administration, putting more than 130 jobs at risk.
The business has entered into administration on 10 September; however, it is believed that it is still continuing trading.
The company appointed administrators from financial advisory and investment banking firm Duff & Phelps to assess the options, for the business, including a possible sale.
The administrators stated that they are reviewing the financial position of the company which has revenues of £30m. Some of the interested parties have already stepped forward over a possible acquisition of the business.
Duff & Phelps partner and joint administrator David Whitehouse said: "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."
Trigon Snacks is an importer and processor of nuts, with a capacity to process 6,500 tons per year. The company sells its products to peckish pub revellers under the Planters, Passion Shed and Big D peanut brands, as well as own-brand nuts, to Morrisons, Waitrose and Sainsbury's.
The business has entered into administration on 10 September; however, it is believed that it is still continuing trading.
The company appointed administrators from financial advisory and investment banking firm Duff & Phelps to assess the options, for the business, including a possible sale.
The administrators stated that they are reviewing the financial position of the company which has revenues of £30m. Some of the interested parties have already stepped forward over a possible acquisition of the business.
Duff & Phelps partner and joint administrator David Whitehouse said: "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."
Trigon Snacks is an importer and processor of nuts, with a capacity to process 6,500 tons per year. The company sells its products to peckish pub revellers under the Planters, Passion Shed and Big D peanut brands, as well as own-brand nuts, to Morrisons, Waitrose and Sainsbury's.
