NSW potato chip manufacturer placed in administration

Griffith based potato chip manufacturer, Potato Magic has been placed in administration.

The company was established by one of the nation’s biggest potato farmers, Paul Rennie, who has been under investigation by the Australian Tax Office and the Australian Federal Police for allegations of offshore tax fraud.

ABC News reports that the alleged tax fraud represents millions of dollars.

According to appointed administrator, PPB Advisory, the Griffith based business has endured a period of financial losses, and the search for prospective buyers is currently underway.

At this stage, the company is still able to continue operations as PPB Advisory have licensed the operations of the company to Rennie.

The business currently employs 16 staff and has an annual turnover of $1.2 m.


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