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abaxas

Findus Gubbed.

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http://news.sky.com/skynews/Home/Business/...s=searchresults

The company - licensed to manufacture and distribute Findus food in the UK - called in administrators Zolfo Cooper on Friday after suffering cashflow problems.

It employs 420 staff at its base in Longbenton, Newcastle, and produces a range of frozen food products under the Findus brand.

These include crispy pancakes, ready meals, "Findus the Fisherman" pies, bakes and fish fingers.

Zolfo Cooper is hoping to secure a buyer for the business as a going concern, but the factory has been closed since Tuesday due to a fire.

In the old days hundred of thousands of people lost their jobs in manufacturing, the pits and in textiles. That's not happening this time. It's a far wider economy and so opportunities can be matched by bad news.

Lord Digby Jones, ex-director of the Confederation of British Industry

Joint adminstrator Nick Cropper said: "Newcastle Productions is a well-established local business and produces a range of high-quality frozen food products in the UK, under the Findus brand - a popular and long-established food label.

"We remain confident that there will be interest from potential buyers to secure the future of this business and will need the support of all parties to achieve this."

Newcastle Productions is the sole producer of and distributor of Findus foods in the UK.

Its UK Findus licence is ultimately owned by private equity firm Lion Capital, which last September bought Findus and Young's seafood group Foodvest - the group which licenses the brand throughout Europe.

None of the trading entities outside of the UK have filed for administration and Lion Capital is reportedly planning to sell the UK licence to another food manufacturer.

:< NE is getting hammered

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"goodfellas: you take the company for all you can...then you light a match!"

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These include crispy pancakes, ready meals, "Findus the Fisherman" pies, bakes and fish fingers.

They've got a cheek calling themselves a food manufacturer. :blink:

Toxic chemical peddlers, Findus, go out of business. Result IMO.

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