Mon, 04 Mar 2024 | ADMINISTRATION
Carton Edge Limited, a manufacturer of paper and cardboard containers based in Coventry, has fallen into liquidation. The company had been trading for 32 years, but collapsed in the face of challenging market conditions.
The firm ceased trading on February 1 2024, with all 31 staff made redundant. The company was best known for operating in the cling film and tin foil dispenser carton market, supporting packaging, printing and carton manufacturing firms.
Speaking to TheBusinessDesk.com, the company stated: “Carton Edge Packaging Limited traded as Carton Finishers for over three decades. Despite the team’s best efforts to increase sales, reduce costs and improve efficiencies the company was unable to sufficiently compensate for the very tough trading conditions.”
“Accordingly, the board took the difficult decision to cease trading on 1st February 2024 with all 31 of its staff made redundant on the same day. It subsequently entered creditors’ voluntary liquidation on 21st February 2024. BRI Business Recovery and Insolvency consulted with the board throughout their decision-making and ultimately assisted following their decision to close.”
In the company’s unabridged financial statements for the year ending December 31 2022, its fixed assets were valued at £184,820 and current assets at £761,512. At the time, the company owed in excess of £675,000 to creditors, with its net assets amounting to £219,160.
Companies operating in the UK's manufacturing industries have faced years of challenging trading conditions, with these headwinds exacerbated more recently by factors such as soaring costs for energy and raw materials, ongoing supply chain disruption and mounting debts.
Despite these challenges, however, M&A sentiment in the sector remains high, with manufacturers targeting acquisitions as they seek to scale up operations, access new markets and products and achieve sustainability-related goals.
Find out more about recent M&A trends in the UK manufacturing sector
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