Wed, 27 Jul 2016 | ADMINISTRATION
Labelling machine maker Harland Machine Systems Limited has been purchased out of administration.
Accraply Europe Limited, part of the international Barry Wehmiller Group, has bought the trade and assets of the company from its administrators at FRP Advisory LLP.
Russell Cash and Rajnesh Mittal were brought in as the joint administrators to Harland, and have secured the future of the business and its 70 employees, as well as continuity of trading, in the sale.
Based in Salford, Manchester, Harland manufactures bespoke labelling equipment for use in high volume production lines. Multinational household names, spanning the food and drink, pharmaceutical and hygiene sectors feature in its list of customers.
The company entered administration after battling recent financial difficulties, which created unsustainable pressure on its cash flow despite achieving a recent turnover figure of £12 million, to satisfy stakeholders and ensure a viable future.
Seamus Lafferty, the president of Accraply, said: “We are delighted that we have acquired such a great brand with an impressive history and are confident we can support its future development. This acquisition supports our long term strategy of developing and expanding our presence in Europe."
Although the purchase price was not disclosed, according to a source the amount paid was "at a substantial discount to market value".
Accraply Europe is based in Essex, and serves some similar markets to Harland; food, health and beauty, household and consumer goods. The company has enjoyed growth via strategic acquisitions of some well-known brands in the industry, including Stanford and Graham.
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