Private label snack manufacturer JLM Global Foods is on the verge of appointing administrators after engaging a recovery firm to find a buyer.
The Grocer understands a pre-pack deal to save the business is potentially close to being secured, following attempts by KRE Corporate Recovery to secure bids over recent weeks.
A notice of intention to appoint an administrator was filed with the courts on 21 October.
Darlington-based JLM, which has been operating for 20 years, is a co-packer of ‘better-for-you’ snacks and crisps for multinational brands and international supermarket groups.
It generates an annual turnover of about £12m, with 70% of sales coming from Europe, and employs around 70 staff. The latest accounts for the year to 30 June 2023 are overdue by almost four months at Companies House.
JLM secured a £7.5m financing package in early 2023 to support expansion plans. The business increased its manufacturing capacity and R&D capabilities to help it serve more customers across the world thanks to the funding.
JLM and KRE did not respond to requests for comment.
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