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.
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