Australian cake maker Big Sister Foods collapses, up for sale
New South Wales-based manufacturer of baked goods Big Sister Foods has collapsed, with receivers PPB Advisory now looking for buyers for the food manufacturer.
Big Sister Foods, which has been in operation since 1945, manufactures and wholesales fruit cakes, fruit mince pies, muffins and cupcakes under five brands: Big Sister, Noble Cakes, Molly O’Rourke, George Simpson and Fowlers. The products are mainly sold to the major supermarkets and food service groups.
The Company employs around 100 people at two manufacturing sites in Ermington and Taren Point in New South Wales. According to PPB Advisory, Big Sister Foods recorded annual revenues between $43 million and $47 million over the past few years.
Big Sister Foods was founded in 1945 by businessman Kenneth Higgins, who purchased a failed company called Lillis & Co. The company’s first major contracts were with the military, producing canned breakfast cereal for the US Army during World War II and canned plum puddings for Australian Army Canteens in India around the same time.
“We are undertaking an urgent review of the business with a view to preparing Big Sister Foods for sale as a going concern,” said Daniel Walley of PPB Advisory. “We will work with all stakeholders, including employees and their representatives, customers and suppliers to ensure the business continues to operate effectively,” he said.
“We are keen to talk to any parties that may be interested in the opportunity to acquire all or part of this business,” Mr Walley said.
PPB Advisory said it will update all stakeholders, including creditors, employees and investors on any meaningful developments via the creditors section of its website or by letter as soon as practicable.