About 250 workers in the Barnet area will be made redundant as a meat wholesaler shuts for good.

Nigel Fredericks Trading Ltd in Colindale had invested heavily in new equipment but subsequently faced financial difficulties caused by cash flow problems linked to rising costs, increased finance lease costs and a reduction in credit insurance. It ceased trading from Thursday (June 13) after failing to find a buyer.

Administrators Dow Schofield Watts Business Recovery had been working with the directors and attracted a number of potential buyers but none had been willing to conclude a deal.

The wholesaler entered into administration with PWC in September 2018.

Lisa Moxon, of Dow Schofield Watts, said: “Conditions in the meat and poultry industry have been difficult and Nigel Fredericks Trading Limited has come under pressure from a range of different factors. The new directors and their loyal staff have worked incredibly hard to turn around the business, improving quality and service and introducing significant personal investment, but despite their best efforts, it failed to achieve the turnover required to ensure its viability.

“We have been working with the board to review options for the business including finding a new buyer, but while there were a number of interested parties, none was willing to take it forward. It is with regret that we have had to announce the closure of this long-established business; however the directors would like to thank staff, customers and suppliers for all their support.”

The meat and poultry specialist was established in 1890, and supplied hotels, caterers, leisure and the education sectors. The assets of the business are being sold by auctioneers.

The assets of the business which include a wide range of modern meat processing equipment are being sold by auctioneers and valuers Landwood Group. Any interest in the plant and machinery should be addressed to Mark Bailey at the Landwood Group, Manchester.