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12

Apr 2023

Last Updated: 12/04/2023
Business
Business

Assets to be sold at failed Ripon firm Farmison

by John Plummer

| 12 Apr, 2023
Comment

0

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Administrators running collapsed Ripon firm Farmison & Co said today it planned to begin the sale of assets.

FRP took charge of the company on Thursday, when it ceased trading and most staff lost their jobs.

Farmison co-founder John Pallagi held talks over the bank holiday with a consortium led by two Yorkshire businessmen about reviving the business.

But there has been no news of a deal since and FRP has now issued a statement clarifying the situation.

The statement outlined the problems that brought down the award-winning company. It said:

"The business recently underwent a fundraising process to secure external investment to support its business plan but did not secure a sufficient level of interest.
"Following a period of significant operational investment, the business has not generated the required level of revenues to sustain its high cost base.
"In recent weeks interest in the business and assets has been explored but a transaction could not be completed, and the directors have therefore placed the company into administration."


The statement confirmed Farmison had ceased trading, adding:

"Regrettably, the majority of its 75 roles were made redundant. A skeleton staff has been retained to support the joint administrators in fulfilling their duties as they move towards an asset sale, notably the brand, goodwill and intellectual property."





Read more:



  • 'Intense' talks to save Ripon firm Farmison after buyout collapses

  • New city-wide Ripon bus service to start on Monday





Arvindar Jit Singh, partner at FRP and joint administrator of Farmison, said:

“Farmison had made significant investment in recent years in its operations as it aimed to carve out a differentiated brand and offering in the online retail space.
"However, it proved too heavy a burden to sustain without the uplift in sales that it had expected.
"Without a major capital injection, the business could not continue trading and we must now commence an asset sale. We encourage any interested parties to come forward.
"In the meantime, we have a specialist team working with impacted staff to access support through the Redundancy Payments Service.”


Customers and creditors can contact the administrators by emailing farmison@frpadvisory.com.