New Zealand Fresh-Produced Firm Speirs Foods Enters Voluntary Administration
Speirs Foods, a New Zealand-based fresh-produce supplier primarily focused on salads for supermarkets and foodservice customers, has entered voluntary administration. The company's majority owner, the Speirs Group, announced that administrators Jessica Kellow and Iain Shephard from BDO Wellington have been appointed to manage both Speirs Foods and its subsidiary, Speirs Foods General Partner Ltd. This decision follows a decline in sales volumes over recent years due to reduced supermarket demand for salads and sustained pressure on margins across the fresh food manufacturing sector. The company cited rising costs of labor, raw materials, packaging, freight, energy, and other inputs as key challenges, exacerbated by inflationary pressures linked to international instability. Financial results show a decline in revenue from NZ$7.58 million six months ago to NZ$6.51 million for the same period this year, with losses narrowing slightly over the past fiscal year despite ongoing difficulties. The managing director of Speirs Foods stepped down ahead of administration proceedings as part of broader restructuring efforts.
Topics: administration fresh produce NZ$6.51m revenue decline restructuring