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."
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