Ernest Hillier Chocolates enters administration
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Australian confectioner Ernest Hillier Chocolates has appointed voluntary administrators to sell off its business and related entities.
Established in 1914, the company is Australia’s oldest chocolate brand and operates a manufacturing facility in Coburg, Victoria. Its Ernest Hillier and Newman’s brands have been stocked across supermarkets for many years.
Administrators Alan Walker and Glenn Livingstone from WLP Restructuring Partners are seeking urgent expressions of interest from interested parties who could recapitalise or acquire the business’ assets.
Partner Alan Walker, said it is “unfortunate” that such a “storied” chocolate brand has encountered distress amid rising operating costs.
“We are working closely with all affected parties as we move with urgency to understand the business’s affairs and find a suitable buyer or investor.
“While this process is underway, we have had to make the unfortunate decision to cease manufacturing activity and stand down employees at this stage.”
He added the brand’s existing relationships with large multi-national food and beverage providers alongside its supply agreements may “appeal to potential suitors”.
The first statutory meeting of creditors will be held on June 30.
Questions & Answers
Q.Which specific entities are being sold off by the administrators?
Which specific entities are being sold off by the administrators?
The administrators have been appointed to sell off Ernest Hillier Chocolates' business and its related entities. This includes both the Ernest Hillier and Newman's brands, which have been stocked in supermarkets for a long time.
Q.What is the primary reason stated for the company's current difficulties?
What is the primary reason stated for the company's current difficulties?
The partner from WLP Restructuring Partners stated that Ernest Hillier Chocolates encountered distress amid rising operating costs. This factor led to the company appointing voluntary administrators.
Q.What immediate action has been taken regarding Ernest Hillier Chocolates' operations and staff?
What immediate action has been taken regarding Ernest Hillier Chocolates' operations and staff?
Administrators have made the decision to cease manufacturing activity and stand down employees. This action is taking place while they work to understand the business's affairs and find a buyer or investor.
Q.When is the first meeting scheduled for the company's creditors?
When is the first meeting scheduled for the company's creditors?
The article states that the first statutory meeting of creditors for Ernest Hillier Chocolates will be held on June 30. This meeting is part of the administration process.
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