Meat retailer Crawshaws has been placed into administration, bringing the future of its Lincoln branch and staff into question.
Crawshaws, which has more than 50 stores across the Midlands, has said despite discussions with investors they have “not been successful in raising sufficient capital” to fix financial issues.
Staff at the Cornhill market store in Lincoln were not aware of any plans to close the city’s branch at the time of writing.
The butchers employs 600 staff across the country.
In a statement posted on its website, Crawshaws said the board had “taken the decision to place the company into administration.”
Crawshaws are now seeking buyers for the group’s business and assets.
Shares for the company have been suspended from trading on the London Stock Exchange’s junior AIM market.
According to its latest results for the six months to July 29, the group posted a revenue of £21.6 million and a pre-tax loss of £1.7 million.
The Yorkshire based company launched in 1954 and prides itself on being a trusted local butcher.