Tasmanian wholesaling and production giant, TasFoods, has entered administration.
Backed by major shareholder and co-founder of Kathmandu Jan Cameron, the business, which was founded in 2015, amassed a series of brands representing what it describes as “the island state’s natural advantages for producing food”.
But the group failed to sell its Nichols Poultry business and, on March 12, appointed KPMG as voluntary administrators to begin a restructuring process.
With 160 staff at TasFoods, KPMG said it will continue to trade as normal.
“Control of the group now rests with the administrators who intend to continue to trade on a business-as-usual basis while options for a going concern sale or recapitalisation are explored,” a notice submitted to the ASX said.
“The board has taken every step it could to find a buyer for the Nichols Poultry business. We continue to urge assistance from the state and federal governments to support the ongoing operation of TasFoods and our hundreds of staff, suppliers and customers through the administration process.”
The group has recorded a loss in all of its financial reports dating back to the 2019 financial year. Its most recent published report, from FY2024, saw an after-tax loss of $10.6 million.
