A national fresh food distribution company has gone bust, with its devastated boss blaming “snap lockdowns” for sending the business to the wall.
In2food, which also trades as Yarra Valley Farms Australia, delivered the hammer blow to staff late on Friday afternoon, The Daily Telegraph reports.
They were told that receivers FTI Consulting had been appointed, with plans to keep the limping business afloat until a new buyer was found.
In2food Australia chief executive, Bill Kollatos, tried to soften the distress of staff with a letter attached to the receivers’ circular and seen by The Daily Telegraph.
“The disruption of snap lockdowns in multiple states in combination with the problematic retail journey within the Ready To Eat meals category, has left us with no choice but to enter into Voluntary Administration,” Mr Kollatos said in the letter.
“In consultation with our lender, they have appointed a receiver to trade the business and undertake a recapitalisation/sale process.”
In2food supplied supermarkets, hospitals, aged care, retailers, airlines and restaurants with fresh farm foods.
The company will continue to trade during the administration period, with no job cuts announced in Friday’s statement, The Daily Telegraph reports.
Mr Kollatos said he was determined to keep the business going with the help of the administration process and the support of the company’s lender.
“We strongly hold to the belief that the collective support of all stakeholders through a short period of disruption will restore the business back to its core strengths and will continue to provide employment, opportunity for suppliers to grow, and a great value proposition to its customers,” he said.
Source: The Daily Telegraph.
