Tasmania's Tamar Valley Dairy company calls in administrators
Tasmanian company Tamar Valley Dairy, which supplies branded products to Coles and no-name products to Aldi supermarkets, has collapsed.
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.