Michael Lennon, Sarah Bell and Philip Dakin of Duff & Phelps Ltd have been appointed as joint administrators to Winfresh UK Limited.
Established in 1994, Winfresh is a UK supplier of bananas including Fairtrade bananas from smallholders in the Caribbean. The company distributes bananas to UK retailers and foodservice providers from its state-of-the-art ripening facility in Dunmow, Essex.
Michael Lennon, joint administrator, said: “In recent years the UK banana market has become highly competitive and that has impacted the company in terms of volume and pricing.
“As a result, the financial position of the company has become untenable and mounting cash flow pressures has resulted in the appointment of the joint administrators.”
The joint administrators said they are working “closely” with the company’s customers and suppliers to understand the short-term future of the business.
Lennon said: “It is too early to define what the long-term prospects are for the Company, but we will explore all the options available to the company.”