Peanut processor Trigon Snacks enters administration
Administrators from Manchester-based global financial advisory and investment banking firm Duff & Phelps are on site at Trigon Snacks’ Aintree headquarters in Liverpool, discussing options with the company’s management team.
Unconfirmed reports suggest the company, which turns over £30M, is still trading, having been placed in administration on September 10, and will suffer only minimal job losses in the short term.
It is understood that prospective purchasers have already expressed an interest and Duff & Phelps is reasonably confident it can secure a buyer for some or all of the business.
Major food retailers
In addition to making Planters under licence, and making and owning Big D, Trigon Snacks also owns and supplies savoury treats brand Passion Shed. And it is a key importer and supplier of own-label nuts for most of the UK’s major food retailers.
The firm can process at least 6,500t of nuts every year and was at one stage making more than 200 products at its 1,672m2 plant.
It is well-versed in a range of processing capabilities, including nut coating, dry roasting and honey roasting techniques.
Variety of packaging formats
The company has developed a variety of packaging formats, such as resealable packs, flow-wrapping and block bottomed bags.
Trigon Snacks’ latest ventures included developing luxury, premium snacks for hotels and bars and in 2010 it forged a partnership with Enfield-based chocolate manufacturer Chocolaterie Casemir to do this.
David Whitehouse, partner at Duff & Phelps and joint administrator with Steven Muncaster, stated: “The business model has changed over recent months and whilst better margins were achieved by sourcing product directly from growers, reduced credit terms and delays in seasonal customer orders led to a significant short term cash requirement which ultimately could not be bridged.”
Trigon Snacks also faced stiff competition in the UK market from firms such as Intersnack Group, which acquired the KP peanuts brand earlier this year.
Parties interested in discussing purchasing options for Trigon Snacks are advised to contact Duff & Phelps.
