Paramount Foods to close with 280 job losses

A DEAL to sell troubled pizza manufacturer Paramount Foods has failed and administrators say the company’s two sites in Salford and North Wales will go into a “phased wind-down” with nearly 280 job losses.

Insolvency firm Duff & Phelps were appointed to the business in early October and nearly 80 redundancies were confirmed soon after.

The loss-making company, which had sales of £32m last year was plunged into crisis after it lost a major contract with supermarket group Morrison’s, which accounted for nearly 50% of sales. 

In a statement joint administrators David Whitehouse and Sarah Bell, of Duff & Phelps in Manchester said: “The joint administrators have announced to stakeholders and employees of the company a phased wind down of operations.

“Advanced discussions regarding a sale of the business as a going concern had been held with an interested party, who, for reasons outside of their control has had to withdraw their offer.

“We would like to take the opportunity to thank the employees for their continued support throughout the administration process and we will offer support where required to staff involved as the business winds down.”

Paramount employs 76 people at its Salford site and 202 based in Deeside, North Wales.