Beston Global Food Company will cease operations after administrator KPMG failed to find a buyer.

Several potential parties expressed interest in the South Australian-processor but KPMG said the process failed to secure a buyer in the time frame required. The administrators are unable to fund the business beyond 30 November “due to significant trading losses being incurred on a weekly basis.

Operations will continue until completion of the current business cycle with milk production operations ceasing on 6 December. After this, administrators will wind down the business and sell Beston’s assets with infrastructure from Beston’s Jervois and Murray Bridge plants to be auctioned off.

Creditors will meet in late January and February to decide if the company should be placed into liquidation or other arrangements.

Megmilk Snow Brand Co walked away from a proposed transaction for Beston’s cheese and lactoferrin business in September. The proposed sale would have enabled all jobs at the Jervois plant to be preserved, but Megmilk said it was not possible to reach an agreement that was acceptable to all parties.