BREAKING NEWS: Multi-million pound firm goes into administration with £1.4m in debts

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SKEGNESS has been dealt another major jobs blow after the multi-million pound Lincolnshire Prime Meat Company abattoir ceased trading with £1.4 million of debts.

The abattoir, in the Heath Road industrial estate, called the administrators in on January 5 after “under-financing led to cash-flow issues.”

The firm employed 26 people and had an annual turnover of roughly £12m.

Its multi-species abattoir concentrated mainly on pigs and at one stage had a throughput of 1,600 animals a week.

It is understood the plant had been standing idle in recent weeks.

SFP, the nationwide insolvency practitioners, have been appointed as administrator.

Simon Plant, Group Partner at SFP said that the abattoir had ceased trading as a result of recent cash-flow difficulties.

He said: “Despite working with a number of significant customers and having a substantial turnover, Lincolnshire Prime Meat company was unable to continue trading after under financing led to cash-flow issues.

“We are currently in discussions with various interested parties for a sale of the business and assets.”

Lincolnshire Prime Meat Company refused to comment when contacted by the Standard.

Skegness Chamber of Commerce chair, Glenis Brown, said the latest news at the abattoir was “very sad”.

“I’m very sorry to hear this news. It’s just very, very sad after all of the investment at the site.”

“We have lost so many slaughter-houses in the county.

“We have to hope that the administrators can interest someone who can generate the throughput needed to keep the abattoir going.”

The loss of the site is a major blow for the town. It comes after a spate of similar economic horror stories in the local area in recent weeks.

Just last week La Senza announced that it would be closing its Skegness store after the UK chain went into administration.

The future of other stores such as Evans and Dorothy Perkins have also been called into doubt after their parent firm announced a raft of store closures across the UK. The local stores’ fates are still unknown.