Australia’s Inglewood Farms enters into administration

Australia’s leading organic poultry farm Inglewood Farms, which has been struggling under a debt of A$60m ($54.26m), has entered into receivership.

This announcement comes after the company’s directors decided to resign after the shareholders indicated that they would not provide additional funding to support the company’s ongoing operations.

This move forced the company’s secured creditor to appoint receivers and managers to facilitate and maintain the ongoing operations.

Stephen Parbery and Greg Quinn from insolvency firm PPB Advisory have been appointed as receivers of the company.

PPB is undertaking a review to prepare the company for sale. Stephen Parbery said that the immediate priority is to ensure that the business can continue operating while the review is being conducted.

PPB is working with a number of stakeholders to try to secure the future of the business, Parbery added.

PPB has not disclosed the sale price of the poultry farm.

Inglewood Farms is a producer of organic free-range chicken and employs about 100 people.

The company, which holds an 80% share of the Australian organic poultry market, operates on a 1,710 hectare property near Inglewood, Queensland, accommodates about 300,000 birds, and processes 27,000 per week.

With this move, Inglewood Farms has joined parent company RMWilliams Agricultural Holdings, which entered into receivership in June.

PPB Advisory is also administering RMWilliams Agricultural Holdings, which was formed in 2009 and is involved in food production, alternative energy solutions, sustainable land management, and land restoration programmes.

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Image: Inglewood Farms accommodates about 300,000 birds, and processes 27,000 per week. Photo courtesy of patrizio martorana.