FRP administrators called to UK based food manufacturer
Q Cold enters administration after the loss of a key contract
FRP ADVISORY ADMINISTRATORS have been called to Q Cold, after the company entered administration following the loss of a key contract.
FRP partners Chris Stirland and Philip Watkins (pictured), as well as company director Nathan Jones, were appointed as joint administrators of the Hertfordshire based food manufacturing and packaging firm following a decline in trading conditions.
Administrators have said that Q Cold, which employs 40 people, will continue to trade a buyer is sought, however, an employee consultation on redundancies has begun.
Stirland said: “Q Cold was a solid, profitable company that specialises in suet production alongside a packaging operation but which only recently has had to bear a sharp deterioration in its trading conditions.
“The company suffered from the recent termination of a key supply contract with a major customer which had accounted for around half of the company’s turnover.
“By entering into administration the company can continue to trade while the joint administrators seek a buyer for the on-going business, whilst securing the positions of creditors.2
