What will happen next?
A popular brand of pink biscuit is under threat after a company went into administration due to a sharp fall in the value of the stirling after the Brexit vote.
Administrator FRP Advisory said a “sustained deterioration” since the EU vote has affected Rivington Biscuits in Wigan’s financial difficulties.
The company makes the Pink Panther biscuits and will have to cut 99 of its 123 staff. Only keeping 24 whilst it finds a buyer.
The firm will “fulfil orders into the New Year”.
Russell Cash, partner at FRP Advisory, said the business was left “facing unsustainable cash-flow pressure” after “a sustained deterioration in trading conditions and significant additional pricing costs since the summer”
He also added: “As administrators, given the financial situation, we have had to take the difficult decision of making a large number of redundancies and our immediate priority is to assist those staff who have lost their job to make timely claims,”