Albert Fisher has slid into administration as shares in the firm were suspended on London's Stock Exchange.
Group chiefs say the company has appointed administrative receivers, covering the company and Fisher Foods – its UK operating unit.
A failure to reach and agreement with lenders on Wednesday evening led to the company's collapse.
Terry Robinson has resigned as executive chairman. Non-executive director David Jarvis, a former Allied-Lyons and Ladbrokes boss, has been appointed chairman while David Owen takes over as his deputy.
KPMG partners Michael McLoughlin and James Tucker have become receivers of the prepared foods business.
