Administrators from McGrath Nicol say they were faced with an inefficient and ageing manufacturing plant dating back to 1935 when they took control of ASX-listed Penrice Soda Holdings , describing it as a “highly distressed business’’ starved of cash.

McGrath Nicol partner Sam Davies told the first creditors’ meeting of Penrice Soda in Adelaide on Monday that while there was now some early signs of stability having been reached in the business, it would take “a number of weeks" before the administrators could confidently say that it had been fully stabilised.