Tue, 30 Jul 2024 | BUSINESS SALE
Sirane, a major West Midlands-based packaging company, has been acquired after falling into administration earlier this month. The firm is a packaging development-to-manufacturing business operating across several sectors, including medical and healthcare, food, horticulture and industrial applications.
The group operated across three sites in Telford and had four core divisions: medical and healthcare, lab supplies and services, food packaging and horticulture. In 2022, it reported turnover of £29.7 million and a pre-tax loss of £5.1 million, with net assets valued at £8.8 million.
The company had been seeking additional investment after being hit by energy and material cost increases, as well as seeing revenue streams impacted by the end of the UK’s COVID-19 testing programme.
It had filed a notice of intention to appoint administrators in early July as it worked to bring in additional investment, but a solvent solution could not be found, leading to the appointment of Chris Pole and Ryan Grant of Interpath Advisory as joint administrators on July 15.
The joint administrators have now secured a sale of the business and certain assets to international packaging manufacturer and supplier Coppice Alupack. The acquisition will see the company's Emerald site in Telford retained and the 22 remaining employees transfer to the buyer as it seeks to restart production. 172 redundancies were previously announced upon the appointment of the joint administrators.
Chris Pole, managing director at Interpath and joint administrator of Sirane, said: "Sirane now has a future in Telford with the backing of Coppice Alupack. This transaction provides continuity for Sirane’s customers and the opportunity to bring the business back to life.”
Coppice Alupack Chief Executive Derek Nixon added: "We are proud to be able to add Sirane to the Coppice family, securing its future and those that have been affected during this time. We now look forward to working with our customers and suppliers to set a path of growth for this well-respected business."
Click here to download our free guide on finding and buying distressed businesses and assets
This well-established UK-based supplier of natural animal health products, located in South East England, boasts a diversified portfolio across hygiene, grooming, nutritional, and herbal goods, catering predominantly to canine, equine, and increasing...
A leading bespoke joinery manufacturer specialising in high-end residential projects, delivering exceptional craftsmanship and innovative design.
An opportunity has arisen to acquire a metal fabrication and installation company based in the East of England. The company benefits from a wealth of experience and has built a solid reputation throughout its 14-year trading history.
17
|
May
|
Poundland set for one pound sale as Gordon Brothers emerges as frontrunner | BUSINESS SALE
Discount retailer Poundland is expected to be sold for a nom...
16
|
May
|
Administrators appointed at UK arm of German furniture manufacturer | ADMINISTRATION
Administrators have been appointed at the UK division of Ger...
16
|
May
|
Lifting equipment rental specialist acquired by Centurion | BUSINESS SALE
Aerial Platforms Limited (APL), a specialist rental provider...
18
|
Jul
|
West Midlands packaging firm appoints administrators | ADMINISTRATION
Administrators have been appointed at a major West Midlands ...
11
|
Jul
|
£29m-turnover packaging firm files administration notice | ADMINISTRATION
A major packaging company based in Telford has filed a notic...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
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.