Iconic chocolate and confectionary company Darrell Lea has entered administration after 85 years of business, leaving the future of more than 700 workers in doubt.
Announced by the directors of Darrell Lea Chocolate Shops Pty Ltd and Ricci Remond Chocolate Company Pty Ltd, the company has now been placed in the hands of PPB Advisory’s Mark Robinson, Jack Bournelis and Daniel Walley, who have all been appointed as voluntary administrators.
PPB Advisory’s appointment is said to follow an ongoing review of the business by its directors and their concerns about Darrell Lea’s ability to meet its ongoing financial obligations.
“We are undertaking an urgent review of the business with a view to preparing Darrell Lea for sale as a going concern. The owners of the business have agreed to provide some short term financial support whilst we undertake this process,” Robinson said.
The future of Darrell Lea’s retail and manufacturing staff is yet to be determined, however PPB Advisory stated they will update all stakeholders on any meaningful developments as soon as practicable.
“We will work with all stakeholders including employees and their representatives, licensees, customers and suppliers to ensure the business continues to operate effectively,” Robinson added.
Founded in 1927, Darrell Lea products are sold through 69 owned and licensed stores and 1,800 retail outlets across Australia, New Zealand and the USA.