PPB Advisory was appointed Receivers and Managers of a NSW abattoir and meat processor following an investigation that revealed significant cash burn ($100,000 over four weeks).
As the regional town’s largest employer, the business ceased trading immediately prior to appointment with the loss of employment for 300+ employees.
PPB Advisory undertook a national and international sale program of business assets. An existing pet food business sold within two weeks to maintain value in the business. PPB Advisory also managed to retain the existing business licences.
Local Government approvals for the abattoir’s operations were non existent ($1M remediation required). PPB Advisory negotiated with the NSW Government for a contribution to remedy the abattoir’s deficient approvals.
The business and assets were sold to a major customer of the abattoir, with all approvals and licenses. The buyer achieved vertical integration and secured creditors received a return greater than the forced sale valuations. The outcome also resulted in significant reemployment of the formally terminated employees.
PPB Advisory also managed significant media attention and assisted the Liquidator to ensure payment of employee entitlements through GEERS Federal Government scheme and thereby aid the Banks brand protection.