Wed, 12 Jul 2023 | ADMINISTRATION
Pharmaceutical Packaging (Leeds) has fallen into administration and ceased trading. FRP Advisory’s Mark Hodgett and Phil Pierce were appointed as joint administrators to the company on July 6. 21 staff have been made redundant following their appointment, with five retained to assist the administrators in winding down the business.
Following their appointment, the administrators say they will seek to sell the company’s assets. In the firm’s accounts for the year ending October 31 2021, its fixed assets were valued at £343,417 and current assets at just over £2.5 million. At the time, the company owed around £2.5 million in total to creditors, with net assets valued at £314,763.
The company was based in Holbeck and used advanced technology to create bespoke labels for a variety of national and multi-national organisations in the pharmaceutical sector. However, the company was impacted by rising supply costs and supply chain inflation, meaning its was no longer able to fulfil its financial obligations and was forced to appoint administrators.
Commenting on the process, joint administrator and FRP restructuring advisory partner Mark Hodgett said: "Pharmaceutical Packaging had operated in the local area since 1878 and unfortunately, mounting external pressures, most notably rising costs, made the business financially unviable.”
"Regrettably, this meant 21 staff were made redundant on appointment. We're now supporting the individuals affected and preparing for an asset sale."
Read about rising insolvency levels among UK SMEs.
A well established premium eyewear designer and manufacturer operating throughout the UK and overseas.
Kent based well established, profitable, and highly respected steelwork fabrication and erection business on the market for an industry acquirer.
This is a well-respected business in the UK’s resin sector. Environmentally conscious products for commercial, industrial and domestic use.
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
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.