Thu, 17 Jan 2019 | ADMINISTRATION
Arjowiggins UK, which operates a number of trading companies including Arjowiggins Fine Papers, Arjowiggins Chartham, Performance, Arjobex and the Wiggins Teape Group, have fallen into administration.
Established in 1770, and with a turnover of £120 million, Arjowiggins Fine Papers operates a distribution depot in Basingstoke and the Stoneywood Mill in Aberdeenshire but faced a series of financial difficulties in the lead-up to the administration.
Professional restructuring business FRP Advisory have been called in to handle the administration process, with partners Iain Fraser, Tom MacLennan and Geoff Rowley appointed as joint administrators for Arjowiggins Fine Papers.
Similarly, for Arjowiggins Chartham, Rowley and MacLennan have been assigned alongside Phil Reynolds for the Kent-based mill.
The British companies are a subsidiary of Sequana’s Creative Papers division, which is a listed French company that manufactures, distributes, and packages and prints high-quality paper and offers printing solutions.
Commenting on the administration, Rowley said: “Rising pulp prices and energy costs have made trading conditions extremely difficult in this market and the insolvency proceedings begun in France left the directors no option but to place the UK businesses of Arjowiggins into administration.
“We will continue to trade the businesses whilst seeking buyers and would urge interested parties to make contact as soon as possible.”
Roughly 600 members of staff are a part of the Union Unite, whose national officer Louisa Bull believes the insolvency process was triggered by Sequana’s legal dispute with British American Tobacco (BAT).
Bull said: “Arjowiggins is a vibrant and innovative creative paper company, and we can see a bright future as it is an attractive proposition for a potential buyer.”
For more news stories about administrations click here. For all our administrations listings, click here.
The company provides a range of forklift truck solutions including sales, repairs, servicing, manufacturing and hire. Designs and manufactures its own branded forklifts with an extensive product range including reach trucks, order pickers and tow tra...
LEASEHOLD
Modern, well-positioned UK-based freehold premises to be included in sale. Genuine scope for further growth with development of existing product range and the addition of a sales function. Offers invited.
FREEHOLD
Profitable material handling solution provider. Specialist in the design, manufacture, maintenance and repair of handling systems. This is a retirement sale. Broad capabilities with niche expertise in pallet handling, palletiser solutions, conveyor s...
|
29
|
|
May
|
Monsoon Accessorize close to administration | ADMINISTRATION
Fashion retailer Monsoon Accessorize is close to entering ad...
|
28
|
|
May
|
M&G completes purchase of Ascentric platform from Royal London | BUSINESS SALE
Asset manager M&G has completed the purchase of wealth manag...
|
27
|
|
May
|
Food-to-go supplier calls in administrators | ADMINISTRATION
Adelie Foods, one of Britain’s biggest suppliers of sa...
Sign up to receive our acquisition alert emails to get your FREE guide
|
29
|
|
May
|
Monsoon Accessorize close to administration | ADMINISTRATION
Fashion retailer Monsoon Accessorize is close to entering ad...
|
09
|
|
Apr
|
Long Eaton furniture manufacturer enters administration | ADMINISTRATION
Long Eaton-based furniture group JDP Furniture has entered a...
|
19
|
|
Feb
|
On-demand laundry app snapped up after administration | BUSINESS SALE
Laundrapp, an on-demand laundry service which was touted as ...
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