Tue, 10 Oct 2023 | ADMINISTRATION
The assets of Leeds-based pharmaceutical packaging firm Pharmaceutical Packaging (Leeds) Ltd have been put up for sale by administrators, following the company’s collapse earlier this year. The sale of the assets will be handled by asset advisory Walker Singleton via online auctions.
Mark Hodgett and Phil Pierce of FRP Advisory were appointed as the company’s joint administrators in July 2023, after it was hit by rising supply costs and supply chain inflation, leading to the business being unable to fulfil its financial obligations.
The joint administrators initially sought to sell the business, but these efforts proved unsuccessful, meaning its assets will now be brought to auction. The company’s premises total around 30,000 sq ft, with a manufacturing facility featuring machines from manufacturers including Webmaster, ABG, Edal and Arsoma.
The company’s processes utilised a full range of storage, handling and support equipment. Walker Singleton has invited interested parties to make bids on the firm’s operational equipment and stock.
Stephen Jones, director of Walker Singleton, commented: "While it is a loss to the printing industry and another casualty of the manufacturing sector, we are confident that the assets we are offering for sale by auction will allow other firms to benefit and invest in newer, larger capacity equipment.”
"Due to the finality of the operation, all assets will be offered for sale including the raw material and finished goods. The company have a stock holding of quality products supplied from European and UK manufacturers and we would recommend all interested parties to view the facility and see for themselves the standard and variety of items available."
In the firm’s accounts for the year to October 31 2021, its fixed assets were valued at £343,417 and current assets at slightly over £2.5 million. At the time, it owed around £2.5 million in total to creditors, with net assets amounting to £314,763.
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