The corporate had skilled ‘adversarial buying and selling for numerous years’
UK meals firm collapses into administration (Picture: Getty)
UK meals firm collapses into administration (Picture: Getty)
A UK meals firm, which has been within the enterprise since 1994, has collapsed into administration, with all 40 jobs misplaced. Aberdeen-based Foodstore Restricted, buying and selling as King Meals has been scuffling with the monetary disaster over numerous years.
Get the day’s greatest headlines in UK and World information and extra Subscribe Invalid e-mail
We use your sign-up to supply content material in methods you have consented to and to enhance our understanding of you. This may increasingly embody adverts from us and third events based mostly on our understanding. You possibly can unsubscribe at any time. Learn our Privateness Coverage
The corporate owes greater than £1m to banks and £1m to collectors throughout a spread of companies throughout Scotland, in response to paperwork seen by The Herald. Final month, Alistair McAlinden and Geoff Jacobs from Interpath have been appointed joint directors of the corporate. The directors stated: “Included in 1994, the corporate traded as King Meals from premises in Aberdeen, supplying a spread of meals merchandise to lodge and retail catering shops primarily throughout the north east of Scotland, Stirling and Edinburgh.
“The corporate had skilled adversarial buying and selling for numerous years attributable to elevated competitors and price value inflation, exacerbated by the well-documented challenges confronted by its prospects, hospitality and catering corporations throughout the nation.
“Given the monetary place, the corporate ceased to commerce.”
The directors stated that after their appointment, the corporate’s 40 workers have been formally made redundant, with rapid impact.
They stated: “We took the required steps to safeguard the corporate’s property. An accelerated sale of enterprise course of was run.
“We entered into discussions with the 2 events that had submitted presents which included all or sure of the industrial properties. Sadly, neither have been executable.”
The directors are “now within the strategy of instructing Shepherds to market the industrial properties on the market and GMG to cope with the bodily property”.
They stated: “Moreover, a residential property property agent can be instructed to promote the corporate’s residential property.
“The corporate’s debtor ledger is topic to an bill financing settlement with LBCF. LBCF have instructed debt assortment brokers to ingather the ledger, nevertheless, it isn’t anticipated that they are going to get well their debt in full.”
The corporate reported buying and selling losses of £289,000 within the 2024 monetary 12 months and £259,000 in 2025. Its collectors included Aberdeen Metropolis Council, owed £14,383; Bannerman Seafoods, owed £12,450; Porrelli and Co of Paisley, owed £15,005; and Johnston Oils of Ellon, owed £10,966.
Leave a Reply