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Monday, 8 October 2012

Paramount Foods in Administration

Paramount Foods went into administration over the weekend  following the loss of a major contract with Morrisons, which accounted for 40% of its turnover.

The administrators at Duff and Phelps said; "While the company has incurred trading losses historically, the recent loss of a major customer has left it without any prospect of returning to profitability in line with a turnaround plan embarked upon in July this year."

Discussions about the future of the business are now taking place with customers to find a suitable buyer for part or the whole of Paramount Foods. Duff &Phelps has asked for interested parties to come forward and get in contact.

The company is one of the largest manufacturers of frozen and chilled pizzas in the UK and supplies some of the biggest supermarket names, including  Sainsbury's, Asda and Tesco. It employs 138 people at its Salford bakery, which produces pizza bases, and a further 312 in Deeside.

If you are an employee of the business then please take a look at our help for employee pages.

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