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.
This timber product and treatment plant in the Midlands presents a unique opportunity for industry professionals seeking to expand their operations in a prime location.
This is a rare opportunity to acquire a thriving light engineering and manufacturing business in the West Midlands, renowned for its market-leading products in both commercial and domestic sectors.
This well-established manufacturer of precision Cutting Formes and tooling in Northern England serves the packaging industry with a broad and loyal client base, excelling in fast turnarounds and high-quality service.
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.