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.
– David Whitehouse, Partner at Duff & Phelps, Administrator
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.