With a rich history of over 100 years, the Australian icon tomato sauce brand Rosella has gone into receivership.
News reported the group currently employs about 275 people, who have been warned that their jobs could be affected by some restructuring of the companies.
Receivers Ferrier Hodgson issued an official statement saying:
“Food manufacturer Gourmet Food Holdings and Waterwheel has been placed into receivership. The following businesses within the group are now under the control of the receivers and managers:
Rosella, based at Seven Hills, NSW
Pitango, based at Auckland, NZ, and Seven Hills, NSW
Waterwheel, based at Dandenong, Victoria”
Ferrier Hodgson partners Steve Sherman, Jim Sarantinos and John Lindholm were appointed receivers and managers.
“The receivers will be undertaking an urgent assessment of the financial position of the group,” Mr Sherman said. “We will be engaging in discussions with key stakeholders including employees, customers and suppliers to determine whether operations can be continued.”
An expressions-of-interest campaign will reportedly be launched in the next 24-48 hours in an effort to identify potential buyers for the group or its individual businesses.