Tue, 31 Aug 2010 | ADMINISTRATION
The French-owned company CPC Packaging, which has its UK headquarters in Knapps Lane on the Fishponds Trading Estate, has fallen into administration, putting around 100 jobs at risk.
The company, which also has a base in Kings Lynn in Norfolk, specialises in making cartons for food and drink firms. Around 180 people are employed in total at the two sites and they have all been sent home whilst the future of the firm is decided.
Bristol-based accountant Grant Thornton has been appointed as the official administrator and talks about the company's future are still ongoing.
It is still unclear whether the company will be shut down and its assets sold off, or whether the administrators will look to sell the two sites as a going concern.
Joint administrators Alistair Wardell and Daniel Smith said, “The administrators and their team need to quickly ascertain whether there is a possibility that some or all of the business can be sold.
“The Bristol site will continue production in the short term to satisfy customer demands while purchasers for the business are sought. Some 95 of the workforce have been made redundant, primarily at the King's Lynn site,” they added.
The business had a total turnover of just under £24 million in 2008 in the UK, the last year for which it filed full accounts with Companies House. It posted combined pre-tax losses of £830,000 for the year.
CPC's turnover in Bristol for the same year was £11.4 million and it posted a pre-tax loss of £188,000 for the site.
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