Gourmet Food receives expressions of interest from potential buyers

Australian food manufacturer Gourmet Food Holdings, which recently went into voluntary administration, has received expressions of interest from more than 100 potential buyers.

Ferrier Hodgson, the receivers of the company, said that buyers were considering buying part or all of the business.

Ferrier Hodgson partner Jim Sarantinos said that the support offered by customers, suppliers and transport providers suggests that the group will be able to continue operations.

"Given the level of interest in the business amongst potential buyers, I have an increasing degree of confidence that the group has a future," he said.

A preliminary review of entitlements and the company’s assets indicates that all employee entitlements are expected to be paid in full, regardless of the result of the sale process, Sarantinos added.

Gourmet Food was placed into receivership on 30 November 2012, putting nearly 275 jobs at risk, following which Ferrier Hodgson partners Steve Sherman, Jim Sarantinos and John Lindholm were appointed as receivers.

The company failed to pay the debts it owed to creditors, including nearly A$50m ($52.34m) to National Australia Bank (NAB).

At that time, Ferrier Hodgson noted that it would be holding talks with key stakeholders, including employees, customers and suppliers, to evaluate if the operations could be continued.

Gourmet Food owns Rosella, an Australia-based manufacturer of sauce, spice and chutney; Pitango, a New Zealand-based producer of organic soups and meals; and Waterwheel, an Australia-based producer of crackers and crisp breads.

Rosella employs 110 people, Waterwheel employs 140 staff, while Pitango has a workforce of 25.

Gourmet Food, which is owned by Australian private equity firm Crescent Capital Partners, reported revenues of around A$80m ($83.74m) for the fiscal year 2012.