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Rosella in receivership

03 Dec, 2012 12:59 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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"history is written by the victors"- Winston Churchill, Percy, u raise a very good point and
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Am I in a parallel universe or did no one mention the impact of state backed enterprises? Bugger
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Gregor. I currently grow conventional variety,''Garnet'and achieve results of 2-2.5 Tonnes and