Fri, 24 May 2013 | ADMINISTRATION
Leaco, a plastics firm based in Wigan, has entered administration, it was confirmed yesterday (Thursday, 23 May).
The business operated a plastic extrusion business and supplied a wide range of plastic products, mostly to the florist sector.
It is thought that problems with a connected business were to blame for the company's downfall. The firm ceased to trade immediately, but the administrators are hopeful that a buyer can be found and the firm can be turned around.
Bill Dawson and Dan Smith from Deloitte's Manchester office have been appointed to handle the insolvency procedure.
Mr Dawson commented: “Unfortunately, the principal cause of the company’s failure was the decline of a connected business, leaving Leaco with an additional debt burden to service.
“Due to a lack of raw materials on site at the time of appointment we were unable to continue trading the business. However, Leaco has a strong network of customers from which we’ve received a number of messages of support, and as such we’re hopeful of securing an offer for the business or assets.”
Willjo Ltd is the owner of Leaco, and is in turn owned by Beryl Harrison. A total of 16 staff who had been employed by the firm have been made redundant.
____________________________________________________________________________
Related articles:
How to profit from buying a distressed business
Find distressed business opportunities in time
This well-established company specialises in high-security transport services for government-linked projects, with a focus on passenger transportation for Home Office asylum accommodation sites.
This multidisciplinary engineering and environmental consultancy boasts a proven track record of over 20 years in delivering complex infrastructure projects across sectors like infrastructure, water resources, and maritime.
This is a rare opportunity to acquire an award-winning high-quality ice cream manufacturer with a recognised brand and a purpose-built factory.
Looking for more businesses? Try our off-market tool.
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.