- Award-winning dairy company went bust
- KPMG has taken over control
An award-winning dairy company has gone bust.
Beston Global Food Company has announced 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 the well known cheese brands the company also sells whey and lactoferrin protein to pharmaceutical and dietary supplement manufacturers.
KPMG has taken control of the company.
Beston blamed its collapse on the high cost of energy and a dip in farmgate milk prices.
It also said the successive interest rate rises over the previous two years had increased the company debts.
‘Over the last 12 months, Beston has experienced exceptionally high operating costs, particularly due to onerous energy prices at a time when Australian farm gate milk prices have been uncompetitive in world 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 (stock image)