Will Wright, Mark Orton and Colin Haig, partners at KPMG restructuring, have been appointed joint administrators to food wholesaler Silverstar Foods Ltd, which has collapsed with the loss of over 450 jobs after an attempted business turnaround failed
The company, which is headquartered in Goudhurst, Kent, had 3,000 customers and employed 484 people across sites in Kent, Dorset and Lancashire.
It owned the Turners Fine Foods brand, and supplied every day and luxury food to hospitality, food service and retail establishments nationwide, as well as operating the Camden Quarter restaurant in Tunbridge Wells.
Upon administration, all operations ceased to trade and a total of 457 members of staff were notified of their redundancy. The joint administrators have retained a skeleton staff to assist them with fulfilling outstanding orders and effecting a wind-down of the business.
Will Wright, partner at KPMG and joint administrator, said: ‘Following a period of sustained losses and despite the directors’ best efforts to effect a turnaround and sale of the business, the company was unable to continue to trade and the directors took the difficult decision to place it into administration.
‘Over the coming days, we will commence an orderly wind-down of the business, and will also be speaking to interested parties with a view to trying to secure a sale of the assets.’
