Longbenton Foods, that runs a frozen food factory in North Tyneside which employed 150 people, has gone into administration.
Administrators at Grant Thornton are looking for a buyer of the business. Managing director, Geir Frantzen, said: “It is sad news. Nobody wants to be out of work in the current economic climate. We tried so hard but didn’t succeed. I hope the factory can be taken over as a going concern.”
The managing director said it all. Sometimes you can try as hard as you can and do everything right but the business doesn't succeed. So it is important to take advice on the business issues, dust yourself off and start again or do something different.
If you want advice on your options if your business is facing difficulty then have a look at our pages on administration, company voluntary arrangement, prepack, or even creditors voluntary liquidation.
Please give us a call on 01289 30943 if you have any questions. If you are an employee then please take a look at help for employees