Tasmanian food and beverage company TasFoods has entered voluntary administration.
In an ASX announcement, the company said following the unsuccessful attempts to sell its Nichols Poultry business, the board of TasFoods determined that voluntary administration is now the most appropriate way to restructure the group.
“Control of the group now rests with the administrators who intend to continue to trade on a business-as-usual basis while options for a going concern sale or recapitalisation are explored,” it said.
The letter said the board had taken every step it could to find a buyer for the Nichols Poultry business.
“We continue to urge assistance from the state and federal governments to support the ongoing operation of TasFoods and hundreds of staff, suppliers and customers through the administration process,” it said.
KPMG Australia partners Tim Mableson, David Hardy and Emily Seeckts were appointed administrators following the board’s decision to call in help.
The ASX-listed company had been struggling since trading was suspended last month and the attempt to sell its key remaining asset, Nichols Poultry, fell through.
In August last year, Pulse reported it was trying to sell its premium cheesemaker Pyengana Dairy for $2 million as the publicly listed company continues efforts to stem years of losses.
It offloaded the north-east artisan dairy operation, which it bought in 2017 for $1.55 million.
The company had previously sold Meander Valley Dairy, Shima Wasabi and Betta Milk – all at a loss.
