Newcastle Productions, which produces and distributes Findus the Fisherman fish fingers, fish pies and tuna pasta bakes in the United Kingdom, among other frozen food products, has gone into administration.
The Longbenton, Newcastle, company has been hit hard by the global credit crunch and is experiencing cash flow difficulties, according to various news reports. In the United Kingdom, banks that have lent money on a secured basis have the right to call in a receiver, or an administrator, to sort out a company’s assets and look after its interests.
On Jan. 9, it retained administrators Zolfo Cooper to search for potential buyers. The company, which employs 420 workers, has been closed since Jan. 6 due to a fire.
“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,” says
Nick Cropper, joint administrator and partner at Zolfo Cooper.
