Only in April the Tunbridge Wells company had reported upbeat trading figures showing turnover increased by nearly 30% to £41.5m in 2015. Operating profit jumped nearly 32% to £1.5m while pre-tax profits were reported to have increased from just over £1m in 2014 to £1.4m, according to accounts filed to Companies House.
But earlier this month Silverstar, which had merged with Coastline Produce in early 2015 promising to create 100 new jobs, warned that a similar number in fact faced redundancy, according to the Southern Echo online.
Staff at the company’s Christchurch, Dorset office received letters saying the company had to make some ‘hard decisions’ and that redundancies were being considered.
Details filed at Companies House show that on April 1 this year the four shareholders in Silverstar transferred all their ordinary shares to Agon Holdings Two Ltd, which then became to Relevant Legal Entity (RLE).
The Turners Fine Foods website carries an administration notice dated July 26th that reports the appointment of administrators.