Loseley Dairy Ice Cream Limited (06712211): administration
- Status
- Administration ended
- Administration began
- 2011-04-19
- Formerly
- Food Acquisitions Limited
- Incorporated
- 2008-10-01
- Location
- Fareham
- Industry
- 1552
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
Loseley Dairy Ice Cream Limited was a major UK ice cream manufacturer based in Cwmbran, producing a wide range of private label and branded ice cream under the Loseley, Granelli, Yorkshire Dales and Thayers names Customers in the main were the supermarket chain and food wholesalers
The business originated over 30 years ago Its previous owners encountered difficuites and the business was brought out of administration in 2009 by a new management team With the backing of venture finance institutions, they believed they could recover the business through modernising the production facilities and upgrading working practices Substantial investment was made since 2009 The company was half-way through a three year recovery plan that the shareholders had committed to financing when we were appointed
The company has only produced one set of accounts for the 18 month periad to 31st March 2010 These show that on turnover of £8 7m the company made a net loss of £4 6m, albeit a part of this represents charges arising from the acquisition and dealing with inherited costs from the previous business The directors explained that in the inital period the company experienced a large number of quality and service Issues, which caused many customers to seek alternative suppliers and led to a substantial reduction in turnover that took over a year to reverse
Administrators' statement of proposals (2011-06-20) · Companies House register