Farming retail group Countrywide Farmers has become the latest company to fall into administration, placing 735 jobs at risk.
Earlier today the retailer, which operates from 48 stores across the country, appointed KPMG to handle the affairs, business and property of the company.
According to a statement on the company’s website, it will “seek a purchaser for the business in whole or part” and has flown in Hilco Capital to assist in the running of its stores while it searches for a buyer.
Although no initial redundancies have been made, the company’s directors have said “a very uncertain future” remains for Countrywide.
This comes after the Competition Markets Authority (CMA) launched an investigation into a possible sale of the business’ retail arm to Mole Valley.
The administrator said: “Following the recent CMA announcement, the proposed retail transaction cannot proceed.
“Unfortunately, given the significant trading difficulties and cash flow pressures, this has led the directors to consider their options and take the difficult decision to place the company into administration.”