Firm at centre of meat fraud investigation edges towards administration
A food company at the centre of a meat fraud investigation has edged towards appointing administrators.
Three people were arrested at Loscoe Chilled Foods last week after police and Trading Standards officials turned up at the firm, which is being investigated over allegedly supplying meat from South America and Europe that had been labelled as British.
It is alleged that supermarket chain Booths could have been supplied with some of the meat in question.
Last Wednesday (March 22), it was reported by Derbyshire Live that 120 people had been laid off at Loscoe Foods.
TheBusinessDesk.com has now seen documents that show Loscoe Chilled Foods has filed a notice of intention to appointment administrators. This protects the firm from its creditors for a period of 10 days.
In recently-published accounts for the year to March 27 2022, Loscoe Foods reported that profits had been “stretched” due to a rise in the National Minimum Wage. Turnover increased slightly to almost £16.15m, but profits fell sharply to just £30,261 – down from £258,166.