A south Lincolnshire-based potato packing and processing company has collapsed leaving hundreds of employees without a job. QV Realisations Ltd (formerly trading as AH Worth Limited), in Holbeach, went into administration on Monday, June 10.
The company, which employed 200 staff, suffered significant losses in its last two years of trading, reportedly due to the combination of volatile potato prices and increased operating costs. Paul Meadows and Matt Cowlishaw of Teneo Financial Advisory Limited were appointed as joint administrators.
Efforts were made to find a buyer for the business but nothing suitable was found and the company ceased trading on Monday, June 10. Mr Meadows said: “Regrettably, the closure of the company has led to c.200 redundancies, with a skeleton team retained to support the administrators in the wind down of operations.
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“Teneo’s specialist employee advisory team will work closely with the government’s Redundancy Payments Service, Job Centre Plus and any local employers who are advertising vacancies in order to provide support to all those made redundant.”
QV Realisations was a member of the AH Worth & Company group of companies. Administrators say all other companies in the group are profitable, with strong balance sheets, and continue to trade as normal.
AH Worth & Company declined to comment.