Interpath Advisory, the corporate restructuring and insolvency firm, has appointed CAPA to carry out audits on a global grocery company that supplied major supermarkets such as Tesco, Lidl and Asda.
As administrators of Jupiter Marketing Ltd, a national producer and distributor of fruit and vegetables that is now insolvent, Interpath has instructed CAPA to conduct rates audits on sites the firm traded from.
Jupiter was founded around 20 years ago with the aim to become the world’s most transparent fresh produce business.
The company had traded successfully for many years and more recently had amassed a worldwide customer base, having completed an acquisition trail of companies in South Africa, Spain, Holland and other territories.
Jupiter also had partnerships in India, northern Europe, Greece and South America that enabled an expansive offering of produce.
In the past two years however the business had been impacted by a number of issues.
The first was the pandemic that affected supply chains, the number of ports open and overall turnover. The business had also faced cost inflation in all its operating regions, as well as significant rises in shipping costs and continued supply chain issues.
Jupiter had refinanced amid such challenges earlier this year, but after persistent cashflow problems, the company entered insolvency in September this year, with Tim Bateson and Chris Pole from Interpath Advisory in London appointed joint administrators.
As the administrators look for a solution for the business, including sales of Jupiter’s assets, they have appointed CAPA to begin the business rates audits.
This will see CAPA’s Audit team deploying bespoke software to conduct forensic audits of payments to local authorities among the various large sites the company operated.
The team will look to identify any anomalies or errors before recovering any overspend for the creditors Jupiter, boosting the overall returns for creditors.
