The company, which employs 24 people and a number of subcontractors, operates as an agricultural contracting business, specialising in the cultivation of sugar beet and other arable crops. The company grows its own crops whilst also providing contract farming and haulage services to other customers in the East Midlands.

The business had been impacted by reduced contract volumes leading to a material downturn in profitability and subsequent cash flow issues. With growing creditor pressure, the inability to obtain further funding and in the absence of any committed increase in long-term orders, it was deemed that a viable business no longer existed. Operations on site have been suspended and all employees have been sent home while the joint administrators assess the options available.

Chris Pole, partner at KPMG and joint administrator, said: ‘The company had recently seen a decline in its order book, which led to significant pressure on its cashflow. Over the coming days, we will be assessing options for the business, including the possibility of resuming operations, while we explore a sale of the business and its assets.’

Report by Pat Sweet