WIGAN-based firm Rivington Biscuits have entered administration this morning.
The company, most known for their Pink Panther wafers, have appointed FRP Advisory to oversee the process.
In a statement FRP, who are also handling the liquidation of department store chain British Home Stores, said “Rivington Biscuits experienced particularly challenging trading conditions over the past year, resulting in significant pressure on profit margins and cash flow.
“The problems were compounded by the sharp decline in the value of the pound against the euro. The company was left with no viable alternative other than to seek the protection of administration while a long-term solution can be explored.”
99 of the current 123 staff employed by Rivington will be made redundant, with the remaining 24 staying on until a buyer for the company is found.
Russell Cash, partner at FRP Advisory, said: “A sustained deterioration in trading conditions and significant additional pricing costs since the summer following the sharp fall in the value of the pound, left the business facing unsustainable cash-flow pressure.”
Rivington Biscuits, which trades from Ormside Close in Hindley Green, Wigan, will continue to trade through administration but with a reduced staff base in order to fulfil current orders into the New Year.
Quays News have contacted Rivington Biscuits but as yet have not received a comment.