Tasmania's Tamar Valley Dairy company calls in administrators
Deloitte Restructuring Services was this week appointed voluntary administrators to the company, which employs 170 people and is near Launceston.
Deloitte Restructuring Services partner Glen Kanevsky said the 17-year-old business operated in an "extremely competitive sector" and had been "challenged by a slowdown in sales and pressure on margins".
"We are currently examining the trading position of the business and will be working closely with all key stakeholders to allow the business to continue to operate as normal," he said.
Tamar Valley Dairy describes itself as a "Tasmanian-owned, family-run company specialising in the production of Greek-style yoghurts." According to the Australian Workers Union's Robert Flanagan, it owes about $9 million and has cashflows problems after building a new factory. A creditors' meeting is scheduled for October 2 in Launceston.
Its directors are Guaraci Matteo and Teresa Matteo, according to regulator ASIC.
Frequently Asked Questions about this Article…
Tamar Valley Dairy, a Tasmanian-owned, family-run maker of Greek-style yoghurts, has collapsed and Deloitte Restructuring Services was appointed voluntary administrators. The business has been hit by a slowdown in sales, margin pressure and cashflow difficulties after building a new factory.
Deloitte Restructuring Services was appointed voluntary administrators. Partner Glen Kanevsky said they are examining the company’s trading position and working with key stakeholders to allow the business to continue to operate as normal while options are reviewed.
A creditors' meeting is scheduled for October 2 in Launceston. At that meeting administrators and creditors will come together to discuss the company’s position and next steps.
The company employs about 170 people at its facility near Launceston, so staff are likely to be directly affected while the administration process plays out.
Tamar Valley Dairy supplies branded products to Coles and no‑name products to Aldi supermarkets, and it specialises in the production of Greek‑style yoghurts.
According to the Australian Workers Union's Robert Flanagan, the business owes about $9 million and has experienced cashflow problems after investing in a new factory.
Administrators say the 17‑year‑old business operates in an extremely competitive sector and had been challenged by a slowdown in sales and pressure on margins, alongside cashflow issues following expansion.
ASIC records show the directors of Tamar Valley Dairy are Guaraci Matteo and Teresa Matteo.
Call 1300 880 160
Start a chat
Schedule a call
