South West-based “Challenge Dairy” announced today it has gone into voluntary administration, admitting it owed substantial amounts of money to farmers.
Challenge Australian Dairy manufactures the highest quality cheese, butter, mik, cream, yoghurt, custard and dairy ingredients under the Capel brand. These products are offered into both the Australian domestic market as well as expanding export markets.
Breaking NEWS : One of Perth WA's major dairy companies has gone into voluntary administration, after weeks of speculation that it was on the near verge of collapse.
The company says it called in administrators PPB after attempts to raise additional funding and money from the company's shareholders and other sources, its bankers and prospective investors were unsuccessful.
Voluntary administration - Challenge Dairy
About half of the WA state's dairy farmers supply milk to the company, and a number of them say they have not been paid for milk supplied last month and are saddened.
Capel-based Challenge Australia Dairy is jointly owned by Challenge Dairy Cooperative (51 per cent) and Singapore company QAF Ltd (49 per cent).
“Price Waterhouse Coopers” has been appointed as receivers and managers and says the company will continue to trade while its financial situation is assessed.