Crawshaws butchers, which has stores in Wakefield, Pontefract and Castleford, has been put into administration.
The South Yorkshire-based firm announced last Friday that its board was considering a number of remedial actions, including raising additional funding through an equity capital raising, in order to address the key issues it had identified with the company.
However the board’s efforts to raise capital to address its issues have not proved fruitful and as such has appointed administrators to seek buyers for its business and its assets.
It is not known at this stage what impact will be felt in terms of job losses or on the ongoing operations of its stores.
A statement to investors read: “The company does not have sufficient cash resources to effect the required restructuring of the business.
“In the light of the above and the operational and financial uncertainty which the company now faces, in order to protect both shareholders and creditors, the Board has taken the decision to place the company into administration and intends to appoint administrators shortly with the purpose of seeking buyers for the group’s business and assets on a going concern basis.
“As a result, the board announces it has requested a suspension of trading in its shares on AIM with effect from 7.30am on October 31, 2018.”
The announcement is another blow for the high street, which has seen a string of companies either fold or admit financial struggles this year.
Crawshaws, which serves hot food as well as meat, is based in Wakefield’s The Ridings, with additional stores on Castleford’s Carlton Street and a fresh meat factory shop in Pontefract’s Stuart House.