Paramount Foods enters administration putting 450 jobs as risk
9 October 2012
Approx 450 jobs are at risk as one of the biggest manufacturers of pizzas in the UK goes into administration.
Paramount Foods, a business that stemmed from Dutch-based food manufacturer Vion, has gone into administration after losing a contract with Morrisons, believed to have accounted for around 40% of its turnover.
The food company, which has 450 employees, creates pizza bases at a manufacturing site in Salford, which are then finished at a additional location in Deeside.
David Whitehouse and Sarah Bell, of the Manchester office of firm Duff and Phelps have been appointed administrators to find a suitable buyer for part or the whole of the company.
In a statement, Mr Whitehouse said: "Whilst the company has incurred trading losses historically, the recent loss of a major customer has left the company without any prospect of returning to profitability in line with a turnaround plan embarked upon in July this year."
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