TIM BATESON and Will Wright from Interpath Advisory were appointed joint administrators to Tillery Valley Foods Limited on 17 May 2023.
Founded in 1984 and based in Abertillery, South Wales, Tillery Valley Foods produces and supplies nutritionally balanced meals to the healthcare, education and local authority sectors, including to 30 NHS Trusts across England. The Company employs approximately 250 people.
Over the past 12 months, the Company has experienced significant inflation across its fixed cost base, driven principally by increases in food and energy prices, which in turn has had a detrimental impact on cashflow. Consequently, the directors worked with their advisors and key stakeholders to find a solution, including marketing the business for sale and agreeing increased prices with customers, but unfortunately, no solvent solution could be found.
Following the appointment of the joint administrators, operations at the Company’s base in Abertillery ceased and regrettably, the majority of the Company’s workforce have been made redundant. The administrators have retained 24 employees to assist them as they undertake an orderly wind-down of the business.
Tim Bateson, director at Interpath Advisory and joint administrator, said: “This is a tremendously sad day for the Company’s dedicated employees, a number of whom have worked for the Company for over three decades, as well as for the wider community in Abertillery.
“Our immediate priority will be to provide support to all those who have been made redundant, including supporting them with the information required to submit claims to the Redundancy Payments Office, and we are also aiming to host workshops in conjunction with local employment agencies and employers.”
Tim Bateson continued: “Over the past few months, the directors have worked tirelessly to safeguard the future of the business, including undertaking a process to seek new investment and/or owners. They have also been in regular dialogue with key stakeholders, including local MPs, Welsh Government and NHS England, keeping all informed.”