TasFoods and its popular Nichols Poultry brand have been saved from collapse after creditors voted to sell the business to RAMP Tasmania Poultry.
The deal ends three months of uncertainty after the food and beverage company entered voluntary administration, having burned through its cash reserves.
All 160 Tasmanian jobs are expected to continue under the new ownership.
In March, the Tasmanian food and beverage company entered voluntary administration.
In an ASX announcement at the time, the company said following the unsuccessful attempts to sell its Nichols Poultry business, the board of TasFoods determined that voluntary administration was the most appropriate way to restructure the group.
KPMG Australia partners Tim Mableson, David Hardy and Emily Seeckts were appointed administrators following the board’s decision to call in help.
RAMP CEO Brad McAuliffe said the company planned to grow the business.
“Nichols has earned its name in Tasmania over decades, and we’re not here to coast on that,” he said.
“Tasmanian food for Tasmanian people, and we mean it.”
Administrators said the new owners saw off significant interest from both local and interstate buyers.
KPMG’s Tim Mableson, who oversaw the administration, said keeping the Nichols Poultry brand and its operations in Tasmania was a key priority.
He credited the support of staff, customers and suppliers throughout the process as a major factor in reaching a deal.
RAMP Tasmania Poultry took over operations on June 1.
TasFoods’ other staple brand, Pyengana Dairy, was sold by TasFoods to Victorian billionaire Anthony Hall in December.
