Meat retailer Crawshaws has announced it has placed the company into administration.
The retailer announced it had entered administration. It has over 50 stores across the North of England and the midlands and 600 jobs could be at risk.
On October 26, the Board announced it was considering a number of remedial actions ‘including raising additional funding through an equity capital raising in order to address the key issues it had identified with the Company’.
But in a statement it said discussions with existing investors and prospective investors had not been successful in raising sufficient capital to address those key issues.
“The Company does not have sufficient cash resources to effect the required restructuring of the business.
“In the light of the above and the operational and financial uncertainty which the Company now faces, in order to protect both shareholders and creditors, the Board has 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."