Potato processing operations have faced rising cost pressures across the agri-food sector
Glens of Antrim Potatoes has stopped trading after entering administration, leaving most of its 95-strong workforce out of work.
The Northern Irish business, which operates from Cushendall and Ballymena, appointed Stuart Irwin, Ian Leonard and Robin Coughlin of Interpath as joint administrators on Monday 21 September.
Only a small number of employees have been retained to help with the administration process, with the remainder made redundant “with deep regret”.
The closure brings trading to an end at a business which has been operating for more than 50 years.
Founded in 1972, Glens of Antrim Potatoes built its business around growing and packing potatoes for supermarkets and grocery retailers across the island of Ireland.
It later expanded into snack production, producing hand-cooked crisps under the Glens of Antrim Crisps brand as well as own-label products for Tesco in the Republic of Ireland.
The administrators said the company had been under increasing financial pressure as costs rose across the agri-food sector.
Higher wage bills, fuel and energy prices and machinery costs were among the pressures affecting the business.
“For Glens of Antrim, these pressures had a significant and detrimental impact on cashflow,” the joint administrators said.
Attempts were made to find an alternative to administration, including efforts to secure fresh investment or refinancing.
The administrators said the directors had “explored a range of options, including refinancing and investment”, but no solvent route forward could be found.
Attention will now turn to whether interest can be secured in the company or its assets.
Interpath is seeking expressions of interest as the administration process continues.