KPMG Voluntary Administrators Peter Gothard, James Dampney and Stephen Parbery announced today that the sales process for the business operations of Jewel Fine Foods (“Jewel”) has completed.
The Administrators confirmed that a sale contract was signed on Wednesday, 18 March 2020 with Chef Fresh Pty Ltd, a wholly owned subsidiary of Coles Group Limited (“Coles”)
The ACCC subsequently considered the sale and on 25 March 2020 confirmed that it would not oppose the proposed acquisition by Coles.
Peter Gothard, KPMG Australia, Restructuring Partner said: “We are delighted to have reached a successful outcome in the current challenging environment. The sale is a positive step forward to providing a stable operating environment for everyone involved in the Jewel business.”
James Dampney, KPMG Australia, Restructuring Partner added: “The entire team at Jewel have done an incredible job in continuing to produce a high quality product under very difficult circumstances. The successful sale of the business to Coles is a real credit to the way the management and staff of the business have performed during the Administration process. We are extremely pleased to see the business’ future secured as a result of their hard work.”
About Jewel Fine Foods
Jewel Fine Foods is a manufacturer of chilled ready to eat meals based in Banksmeadow Sydney. Jewel markets product under a number of its own brands and also supplies home brand product to a number of major retailers in the Australian market.