One of Australia’s largest food suppliers, which has been operating for over three decades, collapsed on Thursday.
The Essential Ingredient was one of the country’s most prominent specialty food brands. It follows the collapse of another company in South Australia, which employed 160 individuals.
Established in 1986, The Essential Ingredient is a leading supplier of specialty ingredients in Australia.
It mainly sources its ingredients from international and local producers, such as kitchen equipment and cookbooks.
The company has over 60 staff members and appeared on the TV show “Masterchef Australia.”
The company had three retail outlets and an online shop. It also had a wholesale business.
Craig Crosbie, Rebecca Gill, and Robert Ditrich of PricewaterhouseCoopers were appointed as the administrators of the company. They will continue trading the affected businesses while carrying out an operational restructuring.
Peter Walmsley and Syd Weddell, the company’s directors, expressed their regret at the company’s demise.
Despite the company’s efforts to grow its business, it was unable to achieve profitability due to the economic conditions.
In a statement, the directors thanked PricewaterhouseCoopers for their assistance and said they would continue to provide the company’s customers with the best possible service.
Mr. Ditrich, the administrator of the company, noted that the company had experienced a difficult operating environment.
He noted that the company’s profitability had been affected by the legacy of its stock losses and higher operating costs.
The administrators intend to continue trading the company and its assets as a going concern. They also expect to receive strong interest from potential buyers.