Receiver moves in at Albert Fisher
THERE will be no more excuses from Albert Fisher, the struggling food group that could give a naughty schoolboy a run for his pocket money when it comes to imaginative reasons for failing to deliver. The board was forced to call in the receivers today after rescue talks with its creditors collapsed last night.
Albert Fisher, which makes prepared fruit, vegetables, salads and ready meals, owes about £100m to a group of banks that have finally lost faith in the company's long running recovery story.
Led by Deutsche Bank, the lenders have, along with shareholders, put up with years of profits warnings and excuses that have blamed everything from a worldwide glut of warm-water prawns to poor peas and El Niño to explain the company's falling profits.
The latest warning, in January 2001, was due to falling frozen fish and vegetable prices. From a humble Lancashire greengrocer with a turnover of £7m, Albert Fisher grew through the Eighties into a food giant, swallowing more than 50 companies and producing £90m of profits at its peak.
It last reported a profit in 1997, although losses in 2001 of £13.4m were the lowest for four years. KPMG was appointed receiver last night and the shares were suspended today at 2p.
