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| Food distributor goes bust |
| Written by Business Weekly | |
| Tuesday, 21 May 2002 | |
|
John Lusty Group plc, the Ely based food distributor, has gone into administrative receivership with debts of £8m.
John Lusty Group plc, the Ely based food distributor, has gone into administrative receivership with debts of £8m. The company, which mainly supplies large grocery chains, was doomed when takeover talks with US group Crossmark collapsed. It is hoped administrators will be able to sell the Lancaster Way Business Park company as a going concern. The Group said that its financial position had been seriously affected by a rapid downturn in sales in recent weeks. This was coupled with disproportionate promotional expenses and an overall margin squeeze, said the company. |
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