Administrators called in for Northern polythene manufacturing firm

Fri, 27 Sep 2019 | ADMINISTRATION



Total Polyfilm, a manufacturer headquartered in Preston, has collapsed into administration following a devastating blow to the company’s capabilities after a fire in 2016.

The business was forced to call in professional advisory firm KPMG to handle the administration process, with partners Rick Harrison and David Costley-Wood appointed as joint administrators.

At one point, Total Polyfilm manufactured 40,000 tonnes of polythene film for the agricultural and industrial sectors every year, and averaged annual revenues of £50 million. It operated from two sites – one in Lancashire, and the other in West Yorkshire.

However, following the fire in its Preston site in 2016, the business failed to recover its customers and order books even though it had become operational once again.

Despite attempts to draw in new clients and projects, liquidity and cashflow problems arose and a deal could not be secured in time, forcing the company to appoint administrators and cease its trading operations.

In spite of the insolvency, the administrators have said they are looking to find a new buyer for the business and its assets and will assist with the process of winding down the company.

Harrison, one of the joint administrators, said: "Our focus over the coming days will be to seek buyers for the business and assets of the company and to liaise with those employees who have been made redundant, ensuring they are provided with the support and information they need to claim their statutory entitlements from the redundancy payments office. With the support of the company’s lender, I am, however, pleased to say that we have reached an agreement to pay all of the redundant employees’ wage arrears."


Share this article



Latest Businesses for Sale

Industrial Parts Distribution
UK Wide

This business has established a strong brand within its market place in over 20 years of trading. The owners have built a strong team to operate the business on a day to day basis. Offers invited.

Asking Price: Offers Invited
Turnover: £5,000,000

LEASEHOLD


Glass Manufacturer
Scotland, UK

Designer and manufacturer of bespoke glass products such as splashbacks, shower enclosures, balustrades, staircases, curved glass, mirrors, reception desks, worktops, tables and giftware. Extensive in-house design and glass manufacturing capabilities...

Asking Price: Offers Invited
Turnover: £640,000

LEASEHOLD


Electrofusion Welding Machines Design & Supply
UK Wide

Utilises state-of-the-art machinery and considerable in-house expertise to develop highly effective and reliable products. Globally recognised brand, with an excellent reputation. Offers invited.

Asking Price: Offers Invited
Turnover: £8,800,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
14
 
Nov
 

Scale manufacturer taken over in MBO | MBO/MBI

Weighing scale manufacturer Marsden Weighing Group has been ...

 
13
 
Nov
 

Brighton energy firm appoints administrators | ADMINISTRATION

Brighton-based utilities company Toto Energy has gone into a...

 
12
 
Nov
 

MBO at Gloucestershire bricklayers | MBO/MBI

Gloucestershire building services firm Cavendish Park Brickl...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
13
 
Nov
 

Brighton energy firm appoints administrators | ADMINISTRATION

Brighton-based utilities company Toto Energy has gone into a...

 
23
 
Sep
 

Thomas Cook seeking 'last-ditch' fire sale [UPDATED] | BUSINESS SALE

Thomas Cook Group is reportedly trying to piece together a l...

 
17
 
Sep
 

Impact REIT snaps up Suffolk-based Cardinal Healthcare business | BUSINESS SALE

Impact REIT has successfully acquired Cardinal Healthcare, a...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources