UK Tuna Pasta Bakes Manufacturer Could Face Bankruptcyff

From International Supermarket News

A frozen food manufacturer based near Newcastle which supplied Findus, has been forced to call in administrators, leaving more than 400 jobs under threat. Newcastle Production, which has an exclusive license to make and distribute frozen products under the Findus brand, apparently has cash flow problems, following trading losses and the collapse of its Icelandic backer Landsbanki.

The factory at Longbenton makes Findus the Fisherman fish pies, tuna pasta bakes and fish fingers as well as other frozen products, including Crispy Pancakes and traditional English meals, such as cottage pie and toad in the hole. Making matters worse, a fire last week seriously damaged the factory, which is reported to have caused more than £20m damage and has stopped production for at least four weeks. Fortunately no-one was injured in the blaze, which happened at night.

The company now in charge is administrator Zolfo Cooper, which says it is hoping to secure a buyer for the business as a going concern.

Nick Cropper, partner at Zolfo Cooper, told local press: “Newcastle Productions is a well established local business and produces a range of high quality frozen food products in the UK under the Findus brand, a popular and long-established food label. “We remain confident that there will be interest from potential buyers to secure the future of this business and will need the support of all parties to achieve this.

”Newcastle Production managing director Vidar Engen has insisted that the Findus brand will not be affected by the administration process.

Frozen food has suffered in recent years from rising costs and the fashion for chilled meals. Unilever, which for decades controlled Bird's Eye, Findus’s main rival, also quit the frozen food market in the UK, selling the brand to Permira, the private equity firm.