Paramount Foods, a business that stemmed from Dutch-based food manufacturer Vion, has gone into administration after losing a contract with Morrisons, believed to have accounted for around 40% of its turnover.
The insolvency of the company is being handled by Sarah Bell and David Whitehouse of Duff & Phelps’ Manchester office.
Whitehouse said: “While the company has incurred trading losses historically, the recent loss of a major customer has left it without any prospect of returning to profitability in line with a turnaround plan embarked upon in July this year.”
Discussions about the future of the business are now taking place with customers to find a suitable buyer for part or the whole of Paramount Foods. Duff & Phelps has asked for interested parties to come forward and get in contact.
The food business, which has 450 employees, creates pizza bases at a bakery manufacturing site in Salford, which are finished at a second location in Deeside.