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.
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