A H Worth, the historic Lincolnshire potato packer and processor, has collapsed just hours after TheBusinessDesk.com exclusively revealed that it had alerted administrators.
Paul Meadows and Matt Cowlishaw of Teneo Financial Advisory have been appointed joint administrators of QV Realisations (formerly A H Worth).
The move has meant that around 200 people have lost their jobs at the Spalding firm.
Meadows said: “Regrettably, the closure of the company has led to around 200 redundancies, with a skeleton team retained to support the administrators in the wind down of operations.
“Teneo’s specialist employee advisory team will work closely with the governments Redundancy Payments Service, Job Centre Plus and any local employers who are advertising vacancies in order to provide support to all those made redundant.”
The company is a member of the AH Worth & Company group of companies. All other companies in the Group are profitable with strong balance sheets, and continue to trade as normal, say administrators.
The news comes just weeks after A H Worth said it was undertaking a restructuring process involving redundancies and a restructuring of the business, which has been trading since 1895 producing potatoes, sweetcorn, leeks and salad crops.