Australian brand Rosella will close down after nearly 120 years as an operational business. The company, which produces the iconic Rosella Tomato Sauce, will close its Sydney operations in the next few weeks and the company’s 70 remaining staff will lose their jobs. However, a new opportunity exists for someone wanting to buy the brand rather than the factory business.

The Rosella brand is one of Australia’s best-known brands for tomato sauce, as well as soups, chutneys and relishes.

Rosella’s parent company, Gourmet Food Groups, was placed in receivership in November 2012. Ferrier Hodgson partners were appointed receivers of the company, following an estimated $50 million debt with the National Australia Bank. Ferrier Hodgson said the closure of Rosella comes after efforts to sell the business have been unsuccessful.

“The loss of jobs is disappointing but unavoidable due to the scale of losses the business was sustaining on a weekly basis,” said Ferrier Hodgson receiver Jim Sarantinos. “We had hoped that a suitable buyer would have been able to breathe new life into the business and preserve these jobs. We have exhausted all options for a sale and, unfortunately, we have no alternative but to cease trading.”

Earlier this month, another Gourmet Food Groups brand, Waterwheel Industries, which produces Waterthins and Waterwheel biscuit brands, was sold to Green’s General Foods.

Ferrier Hodgson will now turn to selling the brands within the Rosella group including Rosella, Aristocrat, Blue Banner, Galiko, Stromboli and The Curry Makers.

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