The company – an established importer, processor and supplier of seafood and whitefish – appointed James Clark and Howard Smith from Interpath Advisory as joint administrators on 20 January 2023.
The appointment of administrators followed the abrupt closure of the processor’s Grimsby plant on 10 January 2023, with about 80 members of staff losing their jobs.
Secured lender
Cook & Lucas’s secured lender took steps to protect its position and sought the appointment of the joint administrators soon after.
Commenting on administration, James Clark said: “Given the circumstances surrounding our appointment, our immediate priority is to take steps to secure the Company’s assets, while seeking to gather further information about the Company’s financial position.”
The seafood firm’s most recent accounts seen on Company’s House revealed that the business was trading relatively well, despite pressures related to the COVID-19 pandemic.
For the year ended 3 April 2021, the company reported a 68% increase in gross profit (£2.73m) despite a slight dip in turnover – down 5% to £24m. Operating profit for the business saw a massive leap from 2020 to 2021, up 568% to £1.3m.
Businesses in administration
In other insolvency news, last September saw pork pie brand Vale of Mowbray Ltd enter into administration, with 171 roles made redundant.
The business cited significant financial challenges in recent years due to rising raw material input prices, increasing energy costs and sector-wide recruitment challenges as major drivers behind its administration.
Meanwhile, in November, Lancashire based cheesemakers Butlers Farmhouse Cheeses acquired the Parlick brand from Singletons, which ceased trading in September.
Singletons has been trading since 1943 but went into administration at the end of August. Kroll the accountants was appointed as administrators to the Longbridge cheesemaker. It said that Singletons had to manage the impact of COVID-19, rising milk costs and additional overheads.
