A melbourne confectionery manufacturer that has been operating for 60 years has collapsed into voluntary administration just months after being acquired by international investment firm Re:Capital.
Betta Foods is home to liquorice brand Capricorn and also supplies ice cream cones, marshmallows and jelly lollies to major retailers including Coles, Woolworths and ALDI.
Bruno Secatore, Daniel Juratowitch and Glenn Spooner of Cor Cordis were appointed as administrators on Tuesday, just days after sister company century-old chocolatier Ernest Hillier, purchased by Re:Capital in 2014, also plunged into voluntary administration.
Betta Foods has annual revenue of approximately $40 million and employs 180 staff at its manufacturing plant in Broadmeadows in Melbourne’s north.
Administrator Bruno Secatore said on Wednesday the company will continue to trade as Cor Cordis reviews its financial position.
“We are confident that the business can be sold as a going concern, which will result in the preservation of jobs and ensures the future of this important Australian-based manufacturer,” he said.
“In the meantime, the company is continuing to trade so it will be business as usual while we meet with the company’s management,…
