The administrators of collapsed gourmet food retailer The Essential Ingredient say the company could have been trading insolvent for as long as nine months and had been hobbled by a lack of staff.
A report prepared by PwC for creditors of The Essential Ingredient concluded that pressure on family budgets – from higher mortgage repayments, rents and other expenses – had led to a collapse in demand for the company’s high-end grocery items such as mustards and pasta sauces.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
