Paramount Food Limited has suspended operations as it announced it is seeking a buyer urgently in order to save 450 jobs.
The company brought in joint administrators on 5th October 2012 and discussions are being held with key customers and parties who may be interested in acquiring some or all of the business.
The Company is one of the largest manufacturers of frozen and chilled pizzas in the UK, supplying some of the biggest supermarket names. It employs 138 people at a site in Salford, Greater Manchester and a further 312 who are based in Deeside, North Wales.
Whilst the Company has incurred trading losses historically, the recent loss of a major customer has left the Company without any prospect of returning to profitability in line with a turnaround plan embarked upon in July this year.
More top news
George Osborne delivers his spending review which sets plans for the next four years
A chance of seeing brighter spells in the south and east this morning but turning cloudier everywhere this afternoon with patchy rain.
Occasional blustery showers overnight and brisk north-westerly winds. Patchy rain will continue during the day tomorrow.