HS Fresh Food, a supplier of bagged salads, salad bowls and pre-made meals to Coles, Woolworths and IGA, had been examining whether it should go into voluntary administration with FTI Consulting more than a year before it collapsed.

The Tasmanian group succumbed to tough trading conditions, with FTI officially appointed as administrators on June 14. Private equity firm Fortitude Investment Partners is one of the investors in HS Fresh Food, with a 20 per cent stake, along with a string of wealthy families largely in Tasmania who own most of the company.