Polymer firm expands with administration acquisitions
SALE-based Sharp Polymer Solutions has bought the Hull and Melrose operations of plastics recycler CK Group out of administration for an undisclosed sum.
Sharp was set up in 2012, and is run by Marc Sharples who was a director of CK Group between 2000 and 2012.
CK Group was placed into administration on July 13. The Lincolnshire-based company employed 69 staff across its three sites in Lincolnshire, Hull and Melrose, Scotland, of which 42 were made redundant.
Joint Administrators Graham Newton and Eddie Kerr from BDO continued to trade the company at reduced levels following their appointment.
The sale of the business and assets of the operations in Hull and Melrose last week saw 17 employees transferred to Sharp Polymer Solutions.
The 10 remaining staff members have been retained to maintain basic levels of operation whilst a purchaser is sought for the Binbrook facility.
Graham Newton, BDO business restructuring partner, said that the economic climate and difficult trading conditions, together with the impact of oil prices and a reduction in export demand, particularly from China, significantly affected the business.
He added: “We are seeking offers for the business and assets of the company’s main trading site at Binbrook from several interested parties and will continue to trade whilst a sale is explored. “
