A major meat retailer with more than 50 stores across England has gone into administration putting 600 jobs at risk.
Yorkshire-based company Crawshaws, which has stores across the North of England and Midlands, does not have "sufficient cash resources" to restructure the business.
As previously announced on 26 October, the company's board was considering a number of remedial actions including raising additional funding through an equity capital raising.
Since then, the board has been in discussions with existing investors and prospective investors. These discussions have not been successful in raising sufficient capital to address those key issues.
In a statement, the company, which was founded in 1954, said it does not have sufficient cash resources to effect the required restructuring of the business.
The board has taken the decision to place the company into administration and intends to appoint administrators.
According to its latest set of results for the six months to 29 July, the group posted revenue of £21.6 million and a pre-tax loss of £1.7 million.
Ranjit Singh Boparan, the entrepreneur known as the “chicken king” who owns 2 Sisters Food Group, is the biggest shareholder at 29.7%.
