Nigel Fredericks enters administration
Based in Colindale, North London, with a small distribution operation located in Mansfield, Nigel Fredericks supplied the catering, hotel, leisure and education sectors.
The business had been placed in administration in September 2018 before being acquired by independent shareholders and directors.
Despite investing heavily in new equipment, it faced cashflow problems, due to rising costs, increased finance lease costs and a reduction in credit insurance. In the administration document filed with Companies House, the fall in the value of the pound following the UK’s decision to leave the EU was also cited as a reason for the cessation of trading.
Administrators Dow Schofield Watts Business Recovery had been working with the directors to attract potential buyers, but a deal was unable to be completed. All 250 staff have been made redundant and the assets of the business, including meat processing equipment, are being sold off.
Lisa Moxon and Ben Barrett of Dow Schofield Watts have been appointed as joint administrators. Moxon said: “Conditions in the meat and poultry industry have been difficult and Nigel Fredericks Trading Limited has come under pressure from a range of different factors. The new directors and their loyal staff have worked incredibly hard to turn around the business, improving quality and service and introducing significant personal investment, but despite their best efforts, it failed to achieve the turnover required to ensure its viability.
“We have been working with the board to review options for the business, including finding a new buyer, but while there were a number of interested parties, none was willing to take it forward. It is with regret that we have had to announce the closure of this long-established business. However, the directors would like to thank staff, customers and suppliers for all their support.”
