Over 140 jobs lost at health food distribution firm
Over 140 jobs have been lost at a health food and wellness products distribution firm after it was placed into administration.
Chris Pole and Ryan Grant from Interpath Advisory were appointed to Tree of Life UK and Health Stores (Wholesale) Limited, on Monday (22 August).
The companies form part of the UK’s largest independent health food and wellness products distribution platform, supplying a broad range of third party and owned brand goods, food and drink, personal care, and vitamins, minerals and supplements.
Some 206 employees worked across the two company sites in Newcastle-under-Lyme and Nottingham.
Over recent months, the group has faced a number of challenges including an unexpected sales decline following the loss of a large customer, and “unprecedented” market conditions that have impacted on financial performance.
Across the two companies, of the 206 employees, 63 were retained to assist the administrators in the realisation of assets and the performance of their statutory duties. The remaining 143 members of staff have been made redundant.
The joint administrators says they are exploring a number of options including seeking a buyer for the businesses, their assets and intellectual property.
Pole said: “Regrettably, the loss of business from a key customer, together with the effects of the well documented economic headwinds, including inflationary pressures, have been incredibly challenging for Tree of Life UK Limited and Health Stores (Wholesale) Limited.
“Our immediate priority is to assist those members of staff who have been made redundant, and provide them with the information they require to make appropriate claims.”