Frozen food firm failed to provide accounts to Euler Hermes
Credit insurer Euler Hermes has withdrawn cover for suppliers to the UK arm of McCain Foods after accusing the frozen-chip maker of failing to provide up-to-date financial accounts, the Sunday Telegraph reports.
In a letter seen by The Sunday Telegraph, Euler Hermes said McCain's most recent published accounts to June 2007 were "too old for underwriting purposes".
The insurer said that it would only review its decision if it saw audited accounts for the year to June 2008 and management accounts up to December.
"We have attempted to contact the company on several occasions in order to obtain recent financial information but to date this request has been refused," the letter says.
Euler Hermes said it had also been unsuccessful in attempts "on several occasions" to arrange a meeting with the company.
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