The Essential Ingredient Group of Companies (All Administrators Appointed)

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Updates

The Essential Ingredient Group of Companies listed in the table below (All Administrators Appointed) (collectively, The Essential Ingredient Group)

Robert Ditrich, Rebecca Gill and Craig Crosbie of PricewaterhouseCoopers Australia (PwC ) were appointed Joint and Several Administrators (the Administrators ) of The Essential Ingredient Group of Companies on 26 September 2024 pursuant to Section 436A of the Corporations Act 2001 (the Act ). The Administrators are now in control of the business and assets of The Essential Ingredient Group.

Entity Table

Voluntary Administration

Robert Ditrich, Rebecca Gill and Craig Crosbie of PwC were appointed Joint and Several Administrators of The Essential Ingredient Group of companies on 26 September 2024 pursuant to Section 436A of the Act. The Administrators are now in control of the business and assets of The Essential Ingredient Group. 

Key timeline and next steps

During the Administration period, The Essential Ingredient Group will continue to trade while the Administrators undertake a sale process.

The Administrators aim to move quickly to preserve as much of the business and as many jobs as possible.

Administrators' Report to creditors (Administrators' Report)

The Administrators’ Report has been prepared pursuant to section 75-225 of the Insolvency Practice Rules (Corporations) 2016 and section 439A of the Act. The purpose of this report is to table the findings of our investigations into the Essential Ingredient Group's business, property, affairs and financial circumstances, as well as provide an opinion on the three options available to creditors in deciding the future of each company within the Essential Ingredient Group.

A copy of the Administrators Report is available under the "Documents" section of this website. 

Second Meetings

The Second Meetings of creditors (Second Meetings ) will be held on Thursday, 31 October 2024 at 10:00AM AEDT via virtual meeting technology only  (i.e., there will not be  a physical meeting).

It is important that creditors read the Administrators' Report in advance of the Second Meetings. 

Attendance and voting at the Second Meetings

To register attendance and be entitled to vote at the Second Meetings, creditors must complete and submit: 

1.                  Form 532  - Appointment of Proxy 

2.                  Form 535  - Proof of Debt or Claim

These forms are contained at Appendix C and D  of the Administrators' Report.

Creditors that have previously lodged a Proof of debt  form with the Administrators are not required to lodge a further Proof of debt form unless there is a change in the amount claimed.

Proxy Forms from the First Meetings of creditors are unable to be used for the Second Meetings of creditors. Creditors wishing to vote at the Second Meetings must complete a new proxy form (where required).

Priority unsecured creditors (Employee Creditors ) are not required to submit a Proxy Form in order to be eligible to attend and vote at the Second Meetings but they must confirm their attendance via email to essentialingredients@au.pwc.com by no later than 4.00pm AEDT on Tuesday, 29 October 2024. Employee creditors are able to submit a Proxy Form if they wish to appoint someone else on their behalf.

Video conference details will be provided to creditors that have submitted a proxy form (if required) and indicated that they wish to attend.

Forms must be submitted to this office BY EMAIL to essentialingredients@au.pwc.com by no later than 4.00pm AEDT on Tuesday, 29 October 2024 .

Frequently Asked Questions

We understand you may have a number of questions in relation to the Administration. Please refer to the FAQ (frequently asked questions) document which is available on this website.

MEDIA RELEASE

The Essential Ingredient group enters into Voluntary Administration

The companies trading as The Essential Ingredient have today entered into Voluntary Administration.

Established in 1986, The Essential Ingredient is one of Australia’s leading suppliers of specialty ingredients sourced from local and international producers, professional cookware, kitchen equipment and culinary books, being one of Australia’s most recognised specialty food brands.

The business operates three retail outlets, an online shop and a wholesale business to the food services and retail industry and employs more than 60 staff.

Robert Ditrich, Rebecca Gill and Craig Crosbie of PricewaterhouseCoopers (PwC ) Australia have been appointed as Voluntary Administrators of The Essential Ingredient group of companies.

The Administrators will continue to trade the businesses while undertaking an immediate operational restructure and sale process.

Commenting on the appointment, Mr Ditrich said: “The Essential Ingredient is a long standing and high quality providore in the food services industry. It has faced a challenging economic and operating environment.  The legacy of stock losses during the COVID closure and higher operating costs has all taken a toll on profitability.

Our aim is to move quickly to preserve the business and as many jobs as possible. We intend to continue trading and sell the business and assets as a going concern, with strong interest expected from prospective buyers.”

The Essential Ingredient directors Syd Weddell and Peter Walmsley commented “it is with enormous disappointment that following our post COVID investments for growth, we faced economic headwinds which have not enabled us to realise the expectation of returning to pre COVID profitability. We are committed to working with PwC and our talented staff to continue servicing our highly valued customers.

Parties interested in acquiring The Essential Ingredient should email their details to essentialingredientsale@au.pwc.com.

For media enquiries, please contact:

Lucy Hinton

Lucy.hinton@au.pwc.com

Sophie Thomas

Sophie.x.thomas@au.pwc.com

Appointment Details

Media Releases

Lucy Hinton or Sophie Thomas
Lucy.hinton@au.pwc.com or sophie.x.thomas@au.pwc.com        Thu, Sep 26, 24

Meetings

Second Meetings

Thu, Oct 31, 24 - 10:00 AM AEDT Local Time

Virtual meeting only


Australia

Video conference details will be provided to creditors that have submitted a proxy form (if required) and indicated that they wish to attend by no later than 4:00pm AEDT on 29 October 2024.

Documents