By Ben Simmons
Durham’s Rock Farm Dairy has entered into administration with PwC, with an immediate cessation of trading following escalating debts and a poor trading environment.
The company, which has an annual turnover of around £17m, processes and bottles milk and cream which is distributed to a diverse customer base across the North of England. The company operates from a facility in Wheatley Hill, Durham with a capacity to process 150,000 litres of milk per day. 88 staff were employed by the company at the date of appointment.
The administrators are working to secure a third party interested in a tolling arrangement where the company facilities would be used for a fee payable to the administrators. Employees have been told their position will depend on the result of urgent talks with potential tolling partners during the coming days.
“Trading has suffered in recent months and the administration is clearly disappointing news for all of the stakeholders, and employees in particular,” commented Stephen Oldfield, joint administrator and PwC partner. “However, we are looking to secure a rapid tolling agreement for Rock Farm Dairy. We are very keen to speak to anyone who might have an interest in such an arrangement.”