A global fruit grower and distributor in Shropshire has collapsed as a result of soaring input cost inflation, with almost 100 jobs lost.
Tim Bateson and Chris Pole from insolvency firm Interpath Advisory were appointed as joint administrators to Jupiter Marketing Ltd today (5 September 2022).
Headquartered in Newport, with subsidiary operations in Chile, Europe and South Africa, the business supplied a wide range of fruit to UK supermarkets and the foodservice industry.
Following a recent refinance, Jupiter faced a challenging commercial period with cost inflation in all its operating regions, as well as dramatic rises in shipping costs and localised supply chain challenges, according to administrators.
The majority of the company’s 85 staff were made redundant following the appointment of Interpath, with a small number retained to assist the administrators.
“Unfortunately, following new investment in March this year, the business has faced a number of geopolitical and economic challenges, which has ultimately led to its downfall,” Bateson said.
“Our immediate priority is to support all employees affected by redundancy with the information they require to make claims from the Redundancy Payments Office.”
Jupiter Marketing expanded rapidly from a fresh produce supplier to grower with farms stretching across four continents. It supplies grapes, citrus fruit, pineapple, kiwi and avocadoes, as well as making prepared fruit snacking pots at its custom UK packhouse, alongside co-branded products such as Babybel Light cheese, apple & grapes snack packs.
Revenues climbed 35.5% to £97.9m in the year ended 29 September 2020 following a number of acquisitions that saw the business turn from being primarily a wholesale fruit & veg distributor to being a grower as well.
Just last month, the group announced on its website an expansion of its relationship with Lidl thanks to a new contract to supply the discounter with melon medley punnets in the UK.
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