Fri, 24 May 2013 | ADMINISTRATION
Leaco, a plastics firm based in Wigan, has entered administration, it was confirmed yesterday (Thursday, 23 May).
The business operated a plastic extrusion business and supplied a wide range of plastic products, mostly to the florist sector.
It is thought that problems with a connected business were to blame for the company's downfall. The firm ceased to trade immediately, but the administrators are hopeful that a buyer can be found and the firm can be turned around.
Bill Dawson and Dan Smith from Deloitte's Manchester office have been appointed to handle the insolvency procedure.
Mr Dawson commented: “Unfortunately, the principal cause of the company’s failure was the decline of a connected business, leaving Leaco with an additional debt burden to service.
“Due to a lack of raw materials on site at the time of appointment we were unable to continue trading the business. However, Leaco has a strong network of customers from which we’ve received a number of messages of support, and as such we’re hopeful of securing an offer for the business or assets.”
Willjo Ltd is the owner of Leaco, and is in turn owned by Beryl Harrison. A total of 16 staff who had been employed by the firm have been made redundant.
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