A board meeting on Tuesday night concluded with chairman Jimmy Russo, vice-chairman Vince Russo and director Robin Williams all resigning.
This has been followed by a statement on Wednesday morning to end trading of their shares on the Alternative Investment Market.
The departure of the Russo brothers led Valley Grown Salads - a company owned by the pair - to call in a loan of £4.88million, demanding payment by the end of business on Wednesday.
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