Paul Dumbell, Paul Flint and David Costley-Wood from KPMG’s Restructuring practice in Manchester have been appointed as Joint Administrators to Key Food Ingredients Limited and Simplea Food Products Limited, the Widnes-based manufacturer and distributer of food products and ingredients.
Key Food Ingredients imports bulk cream and butter to manufacture butter oil and butter ghee in a modern butter oil plant, catering to the needs of the foodservice, manufacturing and cocoa industries.
Simplea Foods imports raw ingredients to produce pureed formats of ready-to-use ingredients such as garlic, ginger and chilli, together with an artisanal range of bespoke sauces and condiments suitable for the foodservice and retail markets. More recently, this has been expanded to include a Mediterranean range of marinated olives, antipasti and pestos.
The administration also affects Key Distribution, the firms’ warehousing and distribution division, which was expanded in February 2016. Commenting on the appointment, Paul Dumbell, director and joint administrator, said:
“Whilst historically a successful business, more recently the financial performance of Key Foods has been impacted by the volatile commodity prices of bulk cream and butter. In particular, the company was hit by a sharp increase in the market price of cream between April and July 2016, ultimately resulting in this administration appointment.
“In addition to securing the assets of the business and streamlining operations in an attempt to continue to trade, the Joint Administrators are now exploring a sale of this unique local business and its assets. Any interested parties are encouraged to contact Luke Almond on 0151 473 5217 to discuss further.”
In total, the firm employed 44 members of staff, of which 39 have been retained by the administrators while they review operations.
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