Fri, 27 Sep 2019 | ADMINISTRATION
Total Polyfilm, a manufacturer headquartered in Preston, has collapsed into administration following a devastating blow to the company’s capabilities after a fire in 2016.
The business was forced to call in professional advisory firm KPMG to handle the administration process, with partners Rick Harrison and David Costley-Wood appointed as joint administrators.
At one point, Total Polyfilm manufactured 40,000 tonnes of polythene film for the agricultural and industrial sectors every year, and averaged annual revenues of £50 million. It operated from two sites – one in Lancashire, and the other in West Yorkshire.
However, following the fire in its Preston site in 2016, the business failed to recover its customers and order books even though it had become operational once again.
Despite attempts to draw in new clients and projects, liquidity and cashflow problems arose and a deal could not be secured in time, forcing the company to appoint administrators and cease its trading operations.
In spite of the insolvency, the administrators have said they are looking to find a new buyer for the business and its assets and will assist with the process of winding down the company.
Harrison, one of the joint administrators, said: "Our focus over the coming days will be to seek buyers for the business and assets of the company and to liaise with those employees who have been made redundant, ensuring they are provided with the support and information they need to claim their statutory entitlements from the redundancy payments office. With the support of the company’s lender, I am, however, pleased to say that we have reached an agreement to pay all of the redundant employees’ wage arrears."
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