QUEENSLAND WORKERS FACE AXE AT STRUGGLING CHOCOLATE MAKER

Written on the 20 July 2012

QUEENSLAND WORKERS FACE AXE AT STRUGGLING CHOCOLATE MAKER

ABOUT 65 Queenslanders working for the embattled Darrell Lea confectionary stores face potential redundancy.

Directors of the iconic Australian chocolate maker this week cast doubt over its ability to meet ongoing corporate-financial obligations.

PPB Advisory, which has been appointed as voluntary administrators, confirms that Darrell Lea operates 13 stores across Queensland and nearly 1800 retail outlets across Australia, New Zealand and the US.

The confectionary company founded in 1927 employs around 700 people. Most stores usually have a full-time manager plus four part-time or casual staff.

PPB Advisory director Daniel Walley and partners Mark Robinson and Jack Bournelis are jointly advising Darrell Lea.

“We are undertaking an urgent review of the business with a view to preparing Darrell Lea for sale as a going concern,” says Robinson.

“The owners of the business have agreed to provide some short-term financial support while we undertake this process.”

However, Darrell Lea’s financial woes contradict with broader chocolate sector resilience.

Market research company IBISWorld’s May report shows industry revenue jumped 2.2 per cent annually to more than $3 billion in the past five years.

 

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