Australia: Big Sister Foods goes into receivership
Australian baked foods manufacturer Big Sister Foods has reportedly collapsed, with receivers PPB Advisory now said to be looking for buyers.
According to Australian Food News, the company has been in operation since 1945 and employs around 100 people in New South Wales. PPB Advisory said that Big Sister Foods had recorded annual revenues between AU$43 million ($40 million) and AU$47 million ($44 million) over the last few years.
Commenting on the collapse, Daniel Walley of PPB Advisory said “We are undertaking an urgent review of the business with a view to preparing Big Sister Foods for sale as a going concern. We will work with all stakeholders, including employees and their representatives, customers and suppliers to ensure the business continues to operate effectively”.
PPB Advisory said it would update all stakeholders, including creditors, employees and investors on any meaningful developments via the creditors section of its website or by letter as soon as practicable.
Source: Australian Food News