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95 made redundant at Betta Foods following sale

Betta Foods’ staff have been made redundant after the company’s administrators, Cor Cordis, entered into a sale of asset agreement with Prydes Confectionery Holdings Pty Ltd (Prydes).

The sale includes plant and equipment assets, intellectual property, business names, stock, and rights of vendor under contracts with customers.

Managing Partner Bruno Secatore said remaining staff at Betta Foods would be made redundant, but would have the prospect of being employed by Prydes in the near future.

“Prydes will begin operating the business later this month under a new structure.”

“We have been in regular contact with the relevant unions. Obviously these manufacturing facilities require trained workers to operate and we understand Prydes will be interviewing the Betta Foods staff next week to see who they may employ going forward” he said.

The remaining staff, comprising 13 administrative and 82 manufacturing staff (57 of who are full time and 25 casual), have been informed and will be made redundant on Thursday and Friday.

Secatore said that staff entitlements are protected under law and through the Fair Entitlements Guarantee Scheme.

The sale is due to settle this Friday 13 March 2015.

Prydes is a NSW based confectioner and has been in operation since 2009 and owned by Jose and Daniel Sanchez. The Betta Foods purchase is their fourth acquisition in five years.

Betta Foods is a Melbourne based confectionary manufacturer of liquorice under the Capricorn brand, ice cream cones, marshmallows and jellies.

Bruno Secatore, Daniel Juratowitch and Glenn Spooner of Chartered Accounting firm Cor Cordis were appointed Voluntary Administrators of Betta Foods (Operations) Pty Ltd on January 20.

 

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