A COMPANY associated with one of Victoria's most prominent and innovative beef identities, Rod Polkinghorne, is in voluntary administration.
According to ASIC documents, Polkinghorne's Fresh went into administration late last year with estimated debts of almost $1.361 million.
The move came after the Gippsland farmer - who was a pioneer of the paddock-to-plate principle - closed two of his Melbourne gourmet, value-added butcher shops bearing the Polkinghorne name.
Polkinghorne's in Albert Park is the only remaining shop.
Mr Polkinghorne, who was a prime mover in the development of the Meat Standards Australia eating-quality system, was awarded an Order of Australia medal last year.
He produces cattle on his farm at Wuk Wuk, near Bairnsdale, and also buys from other producers.
All cattle are processed and MSA-graded at Radfords Abattoir at Warragul and further processed at Mr Polkinghorne's boning and packaging facilities at Sommerville.
Mr Polkinghorne this week blamed the financial problems of Polkinghorne's Fresh on the collapse of a contract to supply meatballs to the Ikea retail chain.
Polkinghorne's Fresh sole director is Judy Philpott, who is Mr Polkinghorne's partner. "We had already invested nearly $600,000 in processing equipment when the deal fell over," he said.
Listed among the largest creditors of Polkinghorne's Fresh were companies associated with Ms Philpott and Mr Polkinghorne, owed almost $500,000.
Former Cattle Council of Australia president Bill Bray was also listed as a creditor.
Although the Wuk Wuk farm was listed as security for repayment of the debt due by June next year, Mr Polkinghorne said he was hoping to raise equity for the debt rather than sell the farm.
He said it was business as usual for his other ventures, including the Albert Park shop.
Mr Polkinghorne is no stranger to the volatility of beef production and marketing.
In the mid-1970s he established the Charlton Feedlot to market Crown Beef, but was hit by the collapse in beef prices.
After adding a dairy venture to the feedlot, he eventually sold the complex to Sandhurst Dairies, who were subsequently bought out by Coles.
Mr Polkinghorne moved to East Gippsland to not only produce value-added beef but promote the development of MSA. In 2001, he went into partnership with Australian Agricultural Company, with AAco planning to open more butchers shops under Polkinghorne's paddock-to-plate business plan.
Three years later, the partnership dissolved, with Mr Polkinghorne and AAco claiming losses from the joint venture.
