Farmers and unsecured creditors who collectively owed more than £7 million as a result of the failure of an online butcher have been informed that they will not receive their money back despite a rescue agreement.
In April, Farmison and Co. declared bankruptcy. According to an administrator report, trade suppliers and about a dozen farmers who raise rare breed meat were left with no money.
In Ripon, the organization had 75 employees; the majority of them were let go.
After being acquired by investors, Farmison & Co has since started trading again.
According to the FRP Advisory report, not enough money will be available to pay any unsecured creditors.
More than 40 of the fired employees were reportedly rehired by the new owners, who also claimed to have contracted with most of the company's farmers to continue providing meat.
The collapse of Farmison & Co., according to Yorkshire Woodland Pork in Ripon, had a "bulldozer effect" on the company, which claimed to be owed nearly £2,000 by them.
According to Lexi Staveley, a representative from the company, "We ended up with a backlog of pigs that were ready to go, but we now have a local farm shop which is taking pigs from us. ".
A film production company named Iceni Studios claimed it was owed more than £5,300. Iceni Studios produced movies for Farmison & Co.
"We were about to hire and move offices, but we're now putting that on hold," Iceni founder Georgia Bagnall said.
We were depending on them to pay their bills on time, and as a young company trying to grow organically, this has really hurt our cash flow. ".
An official representing Farmison & Co.'s new owners stated: "We're pleased to have rescued the business from administration, re-employing many of the team in Ripon and bringing back its hand-picked farmers from across the north of England.
"We are already back in business, and we appreciate the encouraging comments from our clients.
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