A GREAT Harwood meat processing business has gone into receivership and is looking for a new buyer.
Receivers were called into Great Harwood Food Products, which is one of three principal trading subsidiaries of E Slinger and Sons Ltd, on Monday.
The other subsidiaries, Wholesale Meat Supply, based in Accrington, and KM Meats, are unaffected and company directors at Slinger's hope this step will allow them to continue to run normally.
Great Harwood Food Products has been trading for 10 years and has an annual turnover of around £13M.
It employs around 90 staff at its Balfour Street headquarters and there are no plans for any immediate redundancies.
Edward Klempka, Ian Stokoe and Michael Horrocks of PricewaterhouseCoopers have been appointed joint administrative receivers of the company.
Mr Stokoe said: "Regrettably Slinger's does not have sufficient funds available to allow it to continue to support Great Harwood Food Products and in these circumstances the directors had no alternative but to request the appointment of receivers.
"By taking this step the directors believe that KMM and Wholesale Meat Supply can continue to trade unaffected by the administration.
"Going forward, our immediate strategy is to liaise with employees, customers and suppliers of Great Harwood Food Products with a view to allowing trading to continue while we seek a buyer for the business."
John Slinger, chairman and chief executive of Great Harwood Food Products, said: "The company has faced many challenges over the last 10 years from the impact of BSE and foot-and-mouth disease and it is with much regret that this decision has been made at this time.
"I would like to thank the employees, customers and suppliers of Great Harwood Food Products for their support and sincerely hope that a positive result is achieved for all those involved."