Part of the UK vegetables business AH Worth Group, QV Realisations halted operations on 10 June.
Joint administrators, Paul Meadows and Matt Cowlishaw from Teneo Financial Advisory Limited, have been appointed to handle the situation.
Situated in Spalding, eastern England, the company focuses on potato processing and packaging.
“The company incurred substantial losses in its last two trading years due to fluctuating potato prices and escalating operating expenses that were not fully recuperated through sales,” as stated by Teneo.
Despite efforts to attract buyers, no viable offers were received, leading to the cessation of trading on 10 June 2024.
Meadows mentioned, “The closure resulted in approximately 200 job cuts, with a minimal team retained for administrative support during the wind-down.”
Reflecting on the situation, Duncan Worth, group CEO, expressed, “This is a challenging day for our business and especially for our Holbeach colleagues. It was a tough decision made after exploring all alternatives.”
He emphasized, “Our product range is outstanding, with seamless supply chains in place.”
Teneo reassured, “All other group entities are profitable, boasting strong financial positions, and continue normal operations.”
