Sydney food icon Snow’s Confectionery in administration and up for sale

One of Sydney’s oldest food companies, 91-year-old lolly manufacturer Snow’s Confectionery, has collapsed into administration and has been put up for sale.

According to ASIC records, the business was placed in the hands of voluntary administrator Adam Shepard of Sydney insolvency firm Setter Shepard on November 30. Shepard formally advertised the business for sale this morning.

Snow’s Confectionery was established in 1929 by Harry Hughes, who started making toffee in his backyard kitchen. The business has remained in the Hughes family for more than 90 years, during which time the company’s slogan – “I cook with glucose” – has become well known.

The company is a key confectionery supplier to supermarkets including Coles, Woolworths, Franklins and Aldi, which sell Snow’s products under their home brands.

The company also has an extensive and long-established export business that sells to China, Hong Kong, Indonesia, Singapore, Taiwan, New Zealand, the Middle East and North America.

Annual turnover is $24 million and its main factory is located in the Western Sydney suburb of Wetherill Park.

Adam Shepard was not available to comment prior to publication.

Exactly what has caused the company’s collapse is unclear at this stage, although the recent strength of the Australian dollar – which this morning hovered around US99c – has put even more pressure on exporters already exposed to soft retail sales around the world.

The collapse of Snow’s comes as the latest insolvency figures show 774 businesses entered external administration in October, down 1% on the previous year.