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Paramount Foods administration risks 450 jobs

Pizza manufacturer Paramount Foods has fallen into administration and put 450 jobs at risk. The company is based in Deeside, where 312 people are employed, and Salford near Manchester, where 138 staff work. The administration comes after Paramount Foods recently lost a vital contract with Morrisons, which reportedly accounted for 40% of its turnover. A suitable buyer for the manufacturer is now being sought, and administrators David Whitehouse and Sarah Bell of Duff and Phelps are in talks with potentially interested parties.

Operations at the factories in Flintshire and Greater Manchester have been now been halted as talks take place. In a statement released by Duff and Phelps, which is based in Manchester, Mr Whitehouse commented: “Whilst the company has incurred trading losses historically, the recent loss of a major customer has left the company without any prospect of returning to profitability in line with a turnaround plan embarked upon in July this year.”

The company also supplied to Sainsburys, Asda and Tesco, and is one of the biggest producers of frozen and chilled pizzas in the UK.

This was posted in Bdaily's Members' News section by Miranda Dobson .