Crawshaws meat retailer collapse puts 600 jobs at risk
A meat retailer has gone into administration putting up to 600 jobs at risk.
Crawshaws has more than 50 stores across the Midlands and North of England.
The company said it did not have “sufficient cash resources” to carry out a restructuring after it failed to raise funds from investors.
Earlier this month, the retailer said it was attempting to raise equity to restore growth and profitability.
According to its latest set of results for the six months to 29 July, the group posted revenue of £21.6 million and a pre-tax loss of £1.7 million.
In a statement posted on its website, Crawshaws said despite discussions with existing investors and prospective investors, they had “not been successful in raising sufficient capital” to address key financial concerns.
The statement added that the board had “taken the decision to place the company into administration and intends to appoint administrators shortly with the purpose of seeking buyers for the group’s business and assets on a going concern basis.”
Its shares have been suspended from trading on the London Stock Exchange’s junior AIM market.
The Yorkshire business opened in 1954.