ONE of Australia’s largest independent retail butchers, Tasman Market Fresh Meats has collapsed, owing millions to creditors.
In a sign of the tough trading conditions in domestic retailing at present, the Tasman business, which operates a network of 17 ‘warehouse’ format retail sites across Melbourne and regional Victoria, went into voluntary administration on Friday night.
PwC Australia’s David McEvoy and Martin Ford have been appointed voluntary administrators.
Tasman was operated and majority-owned by private equity firm, Equity Partners, which bought a 53pc stake in the business from original owner Joe Catalfamo in 2013. Click here to view earlier Beef Central story. Mr Catalfamo had earlier sold his Tasman meat processing interests to JBS Australia in 2008.
Administrators are yet to disclose the extent of funds owed to creditors, but talk around the processing and meat wholesale industries this morning was that the creditor list would be a ‘mile long,’ and some of the larger creditors would get ‘seriously wounded’ by the collapse. One contact suggested meat stock alone could represent exposure of $12-$15 million to creditors. Tasman is said to have lost around $20 million last…