Beloved Australian confectionary manufacturer and retailer Darrell Lea has gone into voluntary administration.
The company was founded in 1927 and employs about 700 people across its Sydney-based manufacturing facility and its retail network encompassing 1800 retail outlets and 69 licensed and owned stores across Australia, New Zealand and the US.
Mark Robinson, Jack Bournelis and Daniel Walley of PPB Advisory have been appointed as Voluntary Administrators of the business, following an ongoing review of the business by Directors over Darrell Lea’s ability to meet its ongoing financial obligations.
“We are undertaking an urgent review of the business with a view to preparing Darrell Lea for sale as a going concern,” Robinson said.
“The owners of the business have agreed to provide some short term financial support whilst we undertake this process.
“We will work with all stakeholders including employees and their representatives, licensees, customers and suppliers to ensure the business continues to operate effectively.”
PPB Advisory said yesterday that it will update stakeholders as soon as possible.
[Article originally appeared on Foodmag.com.au, a Reed Business Information website.]