The Essential Ingredient, a widely recognised gourmet food supplier company, has entered into voluntary administration after a whopping 38 years in business.
The company has also been featured in Channel 10’s popular program MasterChef and in various magazines like Gourmet Traveller. The notice published to ASIC revealed Robert Scott Ditrich, Rebecca Louise Gill and Craig David Crosbie of PwC have been appointed as administrators to the embattled company. “It has faced a challenging economic and operating environment. The legacy of stock losses during the Covid closure and higher operating costs has all taken a toll on profitability.
“It is with enormous disappointment that following our post-Covid investments for growth, we faced economic headwinds which have not enabled us to realise the expectation of returning to pre-Covid profitability,” directors Syd Weddell and Peter Walmsley said.It comes amid significant headwinds for the hospitality industry in Australia, with a slew of popular cafes, restaurants and bars announcing their closure.
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Source: 7NewsSydney - 🏆 16. / 63 Read more »