Rosella in receivership

03 Dec, 2012 01:59 PM
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Iconic Australian tomato sauce brand Rosella.
Iconic Australian tomato sauce brand Rosella.

GOURMET Food Holdings, the parent company of iconic tomato sauce brand Rosella, has been placed in receivership, following the appointment of administrators on Friday.

Receivers Ferrier Hodgson said other businesses within the group, including Pitango, based in New Zealand, and Waterwheel, based in Dandenong, were also under receivership.

The move comes after creditors failed to find a buyer for the business, and placed the group under voluntary administration last week.

Ferrier Hodgson partner Steve Sherman said his firm would be "undertaking an urgent assessment of the financial position of the group." "We will be engaging in discussions with key stakeholders including employees, customers and suppliers to determine whether operations can be continued."

Gourmet Food Holdings and Waterwheel employ less than 300 people across Australia and New Zealand combined. The Australian employees are split between Victoria and NSW.

A spokesman for Ferrier Hodgson said it was “business as usual” for Rosella and Waterwheel workers.

He said an expressions-of-interest campaign would be launched in the next 24-48 hours to try to find a buyer for the groups.

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Producers borrow way to much and when it all goes bad the bank gets the blame my neighbours
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What amazes me is the constant blindness I see as to what is going on here. Creation of money
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Australian exporters compete with the rest of the world when trying to sell their products. This