Loss of Morrisons contract forces pizza firm into administration
Around 138 jobs are under threat after a pizza manufacturer lost a key contract with supermarket Mor…Around 138 jobs are under threat after a pizza manufacturer lost a key contract with supermarket Morrisons.
Administrators Duff & Phelps have now been appointed to Paramount Foods, which is based in Deeside, north Wales.
Production has been suspended at the company’s Salford site, where the jobs are under threat. The administrators are holding urgent discussions with key customers and parties who may be interested in acquiring some of the business.
No prospect for profit
David Whitehouse of Duff & Phelps told theManchester Evening News: “While the company has incurred trading losses historically, the recent loss of a major customer has left it without any prospect of returning to profitability in line with a turnaround plan embarked upon in July this year.”
Paramount Foods makes frozen and chilled pizzas for Sainsbury, Asda and Tesco.
