Wed, 12 Nov 2014 | ADMINISTRATION
Suffolk packaging firm Tenza Technologies has been placed into administration with a 90 per cent job cull.
Only about eight staff remain at the business, which makes self-adhesive and speciality packaging from its base in Saxmundham, Suffolk.
The appointed administrators at Duff & Phelps are understood to be in discussion with some potential buyers for the business, which is still trading but not at full capacity.
Founded in the 1960s to make embossing tape, the business expanded and diversified to offer its self-adhesive paper products and filmic products across Europe. Together with its sister company Advanced Coated Products (ACP), it was purchased in a management buy-out deal by Co-Spec in 2013.
Regarding the administration a former, unnamed (for confidentiality reasons) employee told eadt.co.uk: “Some of us thought it was coming. A lot of people have been there for 30 to 35 years. It’s a shock for them.
“In the last 10 years there has been a lack of investment in the face of pressure from the Far East. Things must have just spiralled down. We were asked to take a voluntary 10 per cent pay cut 15 months ago.”
A statement on the matter read: "Jason Godefroy and John Whitfield, managing directors of Duff & Phelps, the premier global valuation and corporate finance advisor, were appointed joint administrators to Tenza Technologies Limited on 6 November."
The company makes standing heat resistant food pouches, tenzalopes – documents enclosed envelopes made with oxo-biodegradable film, and bespoke PVC items among other products.
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