Almost 500 jobs are at risk at Celsius First after the chilled food storage and distribution company called in administrators.
Workers in Norfolk, Cambridgeshire, Lincolnshire and Bristol could be made redundant after administrator PWC was asked to find a buyer for the group.
The company, which has an annual turnover of £50m, blames its business slump on reducing demand for frozen food storage and a price war among operators.
Joint administrator Stephen Oldfield said: “Celsius First is a well-established name, has a strong reputation and good blue-chip customer base.
“We are working hard with customers and suppliers, and with the support of employees, to maintain trading while we seek a buyer for the whole business as a going concern.”
No redundancies have been announced yet and PWC is allowing the firm to continue trading.
The firm has a head office in Hoddesdon, Hertfordshire, and other sites in Glasgow, north London and Warwickshire.