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Findus Foods UK producer goes into administration

by mudricky | January 12, 2009 at 03:22 am

979 views | 18 Recommendations | 7 comments

Newcastle Productions, sole producer of and distributor of Findus foods in the UK has went into administration.

The company employees 420 workers in England but the warehouse closed last week due to a fire.

Administrators, Zolfo Cooper, are currently looking for buyers for Newcastle Productions.

Newcastle Productions is the sole producer of and distributor of Findus foods in the UK.

Its UK Findus licence is ultimately owned by private equity firm Lion Capital, which last September bought Findus and Young's seafood group Foodvest - the group which licenses the brand throughout Europe.

None of the trading entities outside of the UK have filed for administration and Lion Capital is reportedly planning to sell the UK licence to another food manufacturer.

More than 400 jobs are under threat at a frozen food factory on Tyneside that has gone into administration.

Newcastle Production, which runs Findus Food factory in Longbenton, said on Friday it had major cash flow problems.

The news will affect up to 420 employees working at the warehouse, which is currently closed after a huge blaze last week.

Administrators, Zolfo Cooper, said that it was early days and they were currently looking for buyers.

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Paschen

at 04:07 on January 12th, 2009

I think it is to early to tell since every thing is still under raps and the company could be taken over. It is a threat yes and lets hope they can barter an arrangement.

mudricky

at 04:21 on January 12th, 2009

I don't know much about the company worldwide etc but I know they have some well known brand names here in the UK.

I'm guessing the comapny will be broke up and the brand names sold.

agdobson

at 10:32 on January 12th, 2009

I grew up on Findus crispy pancakes, it will be a sad day if those disappear off the supermarket shelves.

Rachel Nixon

at 10:43 on January 12th, 2009

Me too! That must account for our well nourished and healthy appearances :)

LotusFlower

at 11:04 on January 12th, 2009

I think its not the worldwide company Findus that has gone into administration but the company that owns the franchise in the UK Newcastle Production. Maybe another company will take up the franchise but not necessarily in the same location.

mudricky

at 11:30 on January 12th, 2009

Ah, I will adjust the story to reflect that.

me alone (not verified)

at 04:10 on July 16th, 2009

If the UK part of the business goes into administration, and the worldwide element stays in operation keeping sites open elsewhere, does this mean FINDUS worldwide would be liable for any redundancy payments / contractual agreements with the employees of their UK arm?