Finest Food Products has been placed into receivership after a deal with a major customer fell through.
The company, which manufactures and sells food and milkshake syrup brands including Kapiti Kitchen, Supreme and The Goodness, was placed into receivership on January 10. Staples Rodway's Tony Maginness and Jared Booth have been appointed receivers.
The receivers continue to trade the business and are looking for a new owner to take over.
Staples Rodway receiver Tony Maginness said the company ran out of money after a deal it had made with a customer fell through.
"They had a major customer, who they signed a contract with, but the orders didn't come through fast enough and they had already committed to brand new premises and a whole lot of brand new machinery so they had a whole lot of costs and the sales just didn't come through as fast as they had budgeted for - the business ran out of money," Maginness said.