Fri, 23 Aug 2013 | BUSINESS SALE
A Slovakian business has bought Discovery Foils out of administration, saving 14 existing jobs.
Based in Bridgnorth, Discovery Foils has supplied foil packaging to dairy processors and confectionery brands. It has some big names on its client book, including businesses like Cadbury, but was hit by trouble with cashflow earlier this year.
Will Wright and Mark Orton from KPMG were called in as administrators and the pair wound down operations as Discovery. But they were always hopeful that the company would receive substantial interest from buyers who could restart the plant.
Moneta Packaging has ended up being the preferred bidder and the sale of the firm was confirmed this week.
Mr Wright commented on the news to FoodManufacture.co.uk: “We are delighted to have secured a sale of the business and assets, which sees a continuation of the business and is expected to result in the re-employment of a number of former staff.”
Alena Spinerova, chief financial officer of Moneta, added: “This acquisition expands our reach into new market applications for the pharmaceutical and dairy sectors that require lacquered heavy gauge aluminium packaging.”
The buyer added that the acquisition will help Moneta to bring its packaging solutions to a broader market, while “improving their packaging quality and cost efficiency”.
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Related information:
Confectionary foil packaging business rescued by former employee
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