Tue, 27 Aug 2024 | ADMINISTRATION
An adhesive labels manufacturer based in Leicestershire has filed a notice of intention to appoint administrators (NOI). Hamilton Adhesive Labels Limited reported turnover of just under £18 million in the year to October 31 2022, but its future now appears to be in doubt.
The company is based on the Bardon Hill Business Park and has worked with clients across a wide array of industries, including the pharmaceutical, personal care, household care, fresh and chilled, bakery, frozen produce and food-to-go markets.
In its accounts for the year to the end of October 2022, the company reported that its turnover had increased 12 per cent from £15.96 million in 2021, while operating profit more than doubled from slightly under £216,000 to nearly £449,000. At the time, the company’s director said that several new customers had been added and that the sales team had seen continued expansion.
However, despite this growth, the company stated that margins continued to be put under pressure by regular raw material price increases imposed (often at short notice) by major pipe suppliers, which it then found difficult to pass on to customers.
The company also said that it had continued to experience employment market challenges, including skill shortages and increasing wage inflation, as well as being hit by inflationary pressure in a number of its overheads, particularly energy costs.
Hamilton Adhesive Labels has now filed a NOI through law firm Shoosmiths, with reports indicating that the company has lined up Leonard Curtis as the administrator.
In its most recent accounts, the company’s fixed assets were valued at approximately £4.8 million and current assets at close to £7.7 million. However, it owed creditors a significant amount at the time, with net assets amounting to slightly under £2 million.
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