PIE company Henry Newbould Limited has gone into administration with the loss of more than 200 jobs.
The company, which has been operating on Teesside for 150 years, called in administrators on Monday.
Its former sister company, Naturally At Newboulds, which runs more than 20 butchers shops across the region, is unaffected.
The companies started trading separately last year after a management buyout.
Newboulds was set up in 1856 and remained under family ownership until last year, when its manufacturing side was the subject of a buyout by business consultant Rob Clarke.
The company's factory at Riverside Park, Middlesbrough, once employed 240 people, but 170 agency staff left the company last week.
Earlier this week, 44 of the remaining 64 staff were made redundant with immediate effect.
Its customers include major supermarkets, including Morrisons, Asda and Somerfield, as well as Macro and the Naturally At Newboulds shops.
The company appointed Adrian Berry and Ian Brown, of Deloitte, in Leeds, as joint administrators.
Mr Berry said: "There have been some initial redundancies, which have taken the workforce down to about 20, and we are reviewing the situation at the moment.
"We are in the process of marketing the business and assets for sale.
"There have been a few expressions of interest, but it just depends how quickly things move, because it is a difficult time of year and a lot depends on support from customers.
"But it is a purpose-built factory, a fully equipped food production facility at Riverside Park and we hope there will be a lot of interest.
"The brand is also a strong name in the region."
Mr Berry said it was difficult to say why the business had called in administrators, other than a consumer slowdown.
He said: "I think they have just experienced a downturn since the management buyout last year.
"But the retail side is totally separate and is unaffec-ted."
Naturally At Newboulds was formed last year after the retail outlets were bought by the descendants of the original Newbould family
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