Tasmanian agribusiness TasFoods has entered voluntary administration after failing to secure a buyer for its Nichols Poultry business.
The company announced on 12 March that partners from KPMG Australia – Tim Mableson, David Hardy and Emily Seeckts – have been appointed as joint and several voluntary administrators to the group.
TasFoods said the decision followed an unsuccessful process to divest Nichols Poultry, which the board had been pursuing as part of efforts to stabilise the business.
In September last year, TasFoods reported sales revenue from poultry and cheese was down 21 per cent to $19.9 million due to the poultry oversupply and heavy discounting on wholesale pricing across the channels.
Cuts at head office saw…