http://www.fishupdate.com/news/fulls...er_threat.html
Quote Originally Posted by fishupdate
A NORTH East frozen food factory which includes fish and seafood products in its portfolio has gone into administration, placing the jobs of the 400-strong workforce at risk.Newcastle Production, which runs Findus Food factory in Long Benton, said it had major cash flow problems.

The news will affect up to 420 employees working at the warehouse, which is currently closed after a huge blaze last week. It ran into difficulties when one of its main backers, the Icelandic bank Landsbanki, collapsed. Administrators, Zolfo Cooper, said in a statement yesterday that it was early days and they were currently looking for buyers.

Nick Cropper, partner at Zolfo Cooper said: "Newcastle Production is a well established local business and produces a range of high quality frozen food products in the UK, under the Findus brand - a popular and long-established food label. "We remain confident that there will be interest from potential buyers to secure the future of this business and will need the support of all parties to achieve this." The factory produces a range of frozen food products under the Findus brand, including crispy pancakes, ready meals, 'Findus the Fisherman' pies, bakes and fish fingers.

The factory is not directly part of the Foodvest Group, acquired by Lion Capital private equity in the summer, which owns Findus in Northern Europe and Young's Seafood, but is a separate organisation producing Findus products under licence arrangement.. Production moved to Newcastle from Grimsby in the 1970s because of concerns over fish supplies and labour.