Australian confectioner Ernest Hillier Chocolates has appointed voluntary administrators to sell off its business and related entities.
Established in 1914, the company is Australia’s oldest chocolate brand and operates a manufacturing facility in Coburg, Victoria. Its Ernest Hillier and Newman’s brands have been stocked across supermarkets for many years.
Administrators Alan Walker and Glenn Livingstone from WLP Restructuring Partners are seeking urgent expressions of interest from interested parties who could recapitalise or acquire the business’ assets.
Partner Alan Walker, said it is “unfortunate” that such a “storied” chocolate brand has encountered distress amid rising operating costs.
“We are working closely with all affected parties as we move with urgency to understand the business’s affairs and find a suitable buyer or investor.
“While this process is underway, we have had to make the unfortunate decision to cease manufacturing activity and stand down employees at this stage.”
He added the brand’s existing relationships with large multi-national food and beverage providers alongside its supply agreements may “appeal to potential suitors”.
The first statutory meeting of creditors will be held on June 30.