SFP appointed administrator of ailing abattoir
10 January 2012
SFP, the nationwide insolvency practitioners, has been appointed Administrator of Lincolnshire Prime Meat Company after the firm encountered financial difficulties, leading to debts of almost £1.4 million
Lincolnshire Prime Meat Company, based in Skegness, Lincolnshire, was a multi-species abattoir that concentrated mainly on pigs and had at one stage a throughput of 1,600 animals a week.
The firm employed 26 people and had an annual turnover of approximately £12 million. SFP’s Daniel and Simon Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed Joint Administrators on 5th January 2012.
The recent cash-flow difficulties have caused a cessation of trading, as Simon Plant, Group Partner at SFP, explains: “Despite working with a number of significant customers and having a substantial turnover, Lincolnshire Prime Meat company was unable to continue trading after under financing led to cash-flow issues.
“We are currently in discussions with various interested parties for a sale of the business and assets.”
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