Adam Harris, Michael Pallott, Patrick Lannagan and Scott Bevan of Mazars were appointed to the role on 23 September and will seek interest in the business for a possible sale. Thomas Tucker had an existing staff of 116 prior to the redundancies, with 52 being retained.
Key issues surrounding the firm’s woes are still under dispute. However, a voluntary product recall of a number of popcorn products last month, following an investigation from the Food Standards Agency, is believed to have significantly impacted the business. The FSA voiced concerns that the products contained undeclared milk.
Included in the list of recalls were Alton Towers Sweet Popcorn and Big Night In Cinema Sweet Popcorn, with more than 60 additional brands also pulled.
Under the current administration proceedings, the business will continue to trade, but the redundancies have been unavoidable, according to the firm.
“The business has had a difficult year and had undergone an operational restructure and further investment by its owners,” said Harris.
“While the underlying cause was disputed, the business agreed a voluntary product recall following an ongoing investigation with the Food Standards Agency. The recall has resulted in significant losses, pressure on working capital and, following a review, there were insufficient further funds available to bridge the shortfall identified.
“Sadly, as a result of the financial position, the administrators have made a number of the staff redundant. Nevertheless, we are hopeful a sale will be achieved in light of the business’ reputation for quality and its dedicated workforce. A going concern sale would secure the best outcome for the business’ suppliers and customers and secure a future for the remaining employees.”
The firm was founded in Nottingham in 1988 and had expanded into a significant market position in the popcorn and confectionery sector. The business’s brands include Tommy Tucker, Thomas Tucker, Family Bakery and Krax.