Crunch time for Pink Panther wafer firm Rivington Biscuits in wake of Brexit vote
The maker of the Pink Panther wafer biscuit has announced that almost 100 jobs will be cut as the firm collapses into administration.
Almost 100 jobs have been lost at the UK-based Rivington Biscuit company, which has appointed FRP Advisory to oversee the process.
"Rivington Biscuits experienced particularly challenging trading conditions over the past year, resulting in significant pressure on profit margins and cash flow," FRP said in a statement.
Almost 100 jobs have been lost after Rivington Biscuits collapsed into administration, blaming the fall in the value of sterling in the wake of the Brexit vote.
"The problems were compounded by the sharp decline in the value of the pound against the euro. The company was left with no viable alternative other than to seek the protection of administration while a long-term solution can be explored."
Some 99 staff will be made redundant at Rivington, where 123 workers are currently employed. The remaining staff will remain at the firm while a buyer for the business is sought.
Russell Cash, partner at FRP Advisory, has said: "A sustained deterioration in trading conditions and significant additional pricing costs since the summer following the sharp fall in the value of the pound, left the business facing unsustainable cash-flow pressure.
"Rivington Biscuits continues to trade through administration but with a reduced staff base in order to fulfil current orders into the New Year."
Additional reporting from PA