- Award-winning dairy company files for bankruptcy
- KPMG has taken over control
An award-winning dairy company has gone bankrupt.
Beston Global Food Company has announced that it is under voluntary administration.
The South Australian-based company employed 159 workers in the state and was the parent company behind the Edwards Crossing Cheese Company and Mables brands.
The brands were available for sale in supermarkets across Australia, including Woolworths, Coles and IGA.
In addition to well-known cheese brands, the company also sells whey protein and lactoferrin to pharmaceutical and dietary supplement manufacturers.
KPMG has taken control of the company.
Beston blamed its collapse on high energy costs and a drop in farm-gate milk prices.
He also said successive interest rate increases over the past two years had increased the company’s debts.
“Over the past 12 months, Beston has experienced exceptionally high operating costs, particularly due to burdensome energy prices at a time when Australian farmgate milk prices have not been competitive on global markets,” a statement to the ASX said.
More to come.
The brands were available for sale in supermarkets across Australia including Woolworths, Coles and IGA (file image)