Fri, 12 Aug 2011 | ADMINISTRATION
Administrators have said they are hopeful of finding a buyer for BKF Plastics, the Tredegar-based outdoor plastics and mouldings manufacturer, which has entered administration.
Alistair Wardell and Nigel Morrison of Grant Thornton UK have been appointed as joint administrators for the firm, which specialises in providing stadium seating and plastics and is a long-standing supplier to the furniture industry.
The administrators have had to lay off 19 members of staff, but have retained 20 due to the strong chances of the company being sold as a going concern. BKF Plastics was incorporated in 2002 to buy out an injection moulding company that had been in business since 1969. It has a turnover of around £2.5 million.
"We are continuing to trade the company in the short term as we seek to achieve a going concern sale of the business," said Mr Wardell. "The company had traded profitably for many years but losses were suffered in 2010 largely due to raw material price increases."
He added that it had managed to negotiate some price rises with its loyal customer base, but still experience severe cashflow difficulties in the first half of 2011. The company entered administration after failing to generate sufficient investment to keep it going.
The company's key assets include 17 injection moulding machines, which range in weight from 60 to 1,000 tonnes.
A group of elderly care homes conveniently clustered in the East Midlands. The award winning management run businesses are highly profitable and well presented.
FREEHOLD
A highly profitable care home with nursing which is registered for close to 50 residents. Located in an affluent West Midlands suburb.
FREEHOLD
A well presented purpose-built care home with nursing for the elderly located in the East Midlands. The management run home has an excellent reputation and is rated Good by the CQC.
FREEHOLD
30
|
Apr
|
Storage firms target expansion after merger | MERGER
Two storage companies have announced a merger to create a ne...
30
|
Apr
|
UK administrations update: April 23 – 30 | ADMINISTRATION
Since our last update, the following businesses have been co...
29
|
Apr
|
WLR Law acquires media and sport law firm | BUSINESS SALE
Castle Donnington-based WLR Law has acquired specialist comm...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.