9th Jul 2010 - 00:00
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3G Foodservice, supplier and distributor to the catering industry, has been placed into administration, after falling victim to “tough market conditions and narrow profit marginsâ€.
Adrian Allen and Russell Cash of Baker Tilly Restructuring and Recovery LLP have been appointed joint administrators as of yesterday. The company employs 125 staff mainly in its Hull operations. Adrian Allen, said: "3G Food Service Ltd. is a nationwide frozen food distributor, supplying a number of well-known restaurant and hotel chains. "Our appointment as administrators is due to the business falling victim of the current tough market conditions, narrow profit margins and a decline in overall consumer demand in the leisure and hospitality arena. "We have been appointed to wind down the company's affairs and the company has effectively ceased trading. As a result, the majority of the workforce has been made redundant with immediate effect." In April, 3G Foodservice announced 100 new products and only last month won a two-year deal with noodle chain, wagamama, worth a reported £17 million. The company also has deals with major brands such as La Tasca, Slug & Lettuce, Jamie's Italian, Gondola, Ego and P&O Ferries.