Country's largest organic poultry farm in receivership
AUSTRALIA'S largest organic poultry farm, Inglewood Farms, has gone into receivership owing $60 million.
The announcement was made following news the company's directors wanted to resign after shareholders indicated that they would not provide additional funding to support ongoing operations.
The company, which is a subsidiary of RM Williams, employs about 100 people and operates on a 1710 hectare property near Inglewood.
The business, which has an 80 per cent share of the Australian organic poultry market, accommodates approximately 300,000 birds on its facility and processes 27,000 birds per week.
Stephen Parbery and Greg Quinn from insolvency firm PPB Advisory have been appointed receivers of the ailing business.
Mr Parbery said PPB was undertaking an urgent review to prepare the business for a possible sale.
He said during this time it would trade as normal.
"Our immediate priority is to support the experienced team at Inglewood Farms so the business can continue operating while we undertake this review," Mr Parbery said.
"We are working with a number of stakeholders to try to secure the future of the business."