Wed, 05 Apr 2017 | ADMINISTRATION
Administrators appointed to a collapsed packaging manufacturer for the food and drink industry is encouraging interested buyers to contact them “as soon as possible”.
Pulse Flexible Packaging Limited, which makes pouches, flow wrap, easy-open applications and other packaging products for clients including Marks & Spencer and Unilever, went into administration due to “operational challenges”, KPMG said.
Nearly all 350 staff at Pulse’s two UK sites, its headquarters in Bury, Lancashire and manufacturing base in Saffron Walden, Essex, were sent home after the announcement. Production has ceased but there have been no redundancies.
Pulse was established in 2014 as the result of a management buy-out (MBO) by US group Printpack Enterprises.
The company performed well post-MBO and had hoped to boost turnover from £60 million to £72 million in 2018.
But KPMG said the company collapsed due to “operational challenges that have led to an additional funding requirement which has prompted it to enter into administration”.
The firm’s Jonny Marston said: “We are currently assessing whether we can continue to trade the business while we seek a buyer, and would encourage any interested parties to contact the joint administrators as soon as possible.”
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