Confectionery business Betta Foods is in voluntary administration, only three months after it was acquired by Re:Capital.
AAP reports that the company, which manufactures in Broadmeadows, employs over 180 and makes products including Capricorn liquorice and ice cream cones.
Betta was established in 1954, has revenues reportedly around $40 million annually, and supplies Coles, Woolworths and Aldi. It also exports to North America, New Zealand and the UK.
Betta was acquired in October by private equity firm Re:Capital for an undisclosed amount. Last year – in February – Re:Capital also acquired 101-year-old chocolate maker Ernest Hiller. Ernest Hillier collapsed last week.
Both companies have Cor Cordis as their voluntary administrator.
Bruno Secatore of the administrators said Betta’s books were being reviewed as a buyer is sought.
“In the meantime, the company is continuing to trade so it will be business as usual while we meet with the company’s management, customers and suppliers,” Smart Company reports him as saying yesterday.
“We have met with all of the staff this morning and will continue to keep them informed as we conduct our investigations.”
According to Business Spectator, a creditors’ meeting will be held on January 30.