Polythene Industries goes into administration

PE film, bag and pallet cover manufacturer Polythene Industries is in new ownership after the business went into administration on 31 January. Joint administrator Paul Whitwam of Leeds-based BWC Business Solutions informed that the business had been acquired by trade buyers through an off-the-shelf company, Polythene Industries (UK). It is continuing to operate from premises on the Speke Hall Industrial Estate, Liverpool. The sale of the business included all processing machinery, the materials and products held in stock and the order book. The previous management, including managing director David Rawle, have left the company, but the remainder of the staff, numbering over 60, have transferred to the new company. Whitwam said Polythene Industries had a turnover of some £12m. It had experienced a difficult time since September 2006, losing customers and running at high wastage levels. Polythene Industries was once owned by the PVC Group. That company continued to have a stake in the business and is one of the creditors, according to Paul Whitwam. After its present on-going assessment of the existing business, which is understood to have a capacity of 10,000tpa, Polythene Industries (UK) says it will make a statement setting out its future plans.

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