The jobs of 57 employees at a food firm in south Norfolk are now at risk, after its management made moves to appoint a liquidator, following a period of financial strife.
Frank Dale Foods, a family-run premium food manufacturer based in Bunwell, is seeking a buyer for its business and assets, after experiencing an fiscal downturn in 2016, as a result of production difficulties servicing sales.
Established in 1994, the company said it has traded successfully for many years, but stated that last year’s trading losses had placed a strain on their cash flow and efforts to refinance have so far proved unsuccessful.
Nigel Cushion, the chairman of Frank Dale Foods, said “Sadly, time has run out for the company.
“We are hopeful that a buyer can be found for the business and assets so jobs can be saved, and that is the board’s main focus now.”
The business has called a creditors’ meeting, which will take place on Tuesday, with Norwich business rescue and insolvency specialists McTear Williams and Wood acting on their behalf.
Director Andrew McTear said: “We are working with the board of directors to market the business and assets for sale and have already received serious interest.”
It has been confirmed that Frank Dale Foods will continue to trade up until liquidation, in the hope a buyer will be found.
Any interested buyers are asked to call 01603 877540.