140 jobs have been lost after a 90-year-old health food business in Nottingham called in administrators from Interpath Advisory.
The Health Store is a health food wholesaler, which supplied customers through the UK, Europe and Asia.
Part of the Health Made Easy Group, The Health Store Wholesale Ltd is based in Bulwell, Nottingham and was the UK’s oldest trading health foods wholesaler, Est in 1932.
According to a statement from the firm it faced a number of challenges including a decline in sales, and the loss of a large customer.
Unprecedented market conditions which have affected consumer spending power were also blamed for its financial performance. The directors then decided that it was in the best interest of creditors for the company to be placed into administration.
Chris Pole and Ryan Grant of Interpath Advisory will now oversee the administration of both Health Stores (Wholesale) in Nottingham and Tree of Life UK in Newcastle-under-Lyme.
The joint administrators are exploring options including seeking a buyer for the businesses, their assets and intellectual property.
Chris Pole said: “Regrettably, the loss of business from a key customer, together with the effects of the well documented economic headwinds, including inflationary pressures, have been incredibly challenging for the firm. Our immediate priority is to assist those members of staff who have been made redundant, and provide them with the information they require to make appropriate claims.”
