Price & Fretwell Limited (02939604): administration
- Status
- In administration
- Administration began
- 2024-12-30
- Administrators
- Louise Williams, Ian Mcculloch
- Administrators' firm
- Opus Restructuring
- Incorporated
- 1994-06-16
- Location
- Milton Keynes
- Industry
- 10110 Processing and preserving of meat
Why it went into administration
- COVID-19
- Energy costs
- Supply chain disruption
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
The Company’s problems began during COVID. Its customer base had to temporarily cease trading when lockdowns were imposed. The Government asked the Company to remain open so it could provide a food delivery service to the vulnerable.
As the average value of each order was far lower than when products were delivered to restaurants this business was not profitable. The Company only provided this “social service” as it believed the Government would provide grants to compensate for the losses being incurred. The offer of these grants was later withdrawn. This left the business with considerable debts coming out of COVID. In the last year the following factors resulted in the company running out of cash and unable to pay its creditors:
1) Increase in electricity costs 2) A 10% fall in the value of the average delivery 3) The costs of an ageing vehicle fleet
Administrators' statement of proposals (2025-02-18) · Companies House register