Tradpak ensures future with pre-pack deal
YORKSHIRE-BASED packaging, waste and recycling group Tradpak has saved jobs after undergoing a pre-pack administration.
The deal for the Leeds-based business saw Ethos Corporate Finance act as lead advisor to the directors of newly-formed company DLR Holdings on their purchase of the assets and goodwill of Tradpak from administrator Kelly Burton of the Sheffield insolvency specialist, Wilson Field.
Squire Sanders partner Laura Crawford made the appointment of the administrator and advised Wilson Field.
The new group will move from its former base at Brighouse to a new recycling park in Armley, Leeds. Its operations include Tradpak Recycling which specialises in providing IBC and plastic drum services.
Tradpak is the UK’s largest supplier of reconditioned IBCs – which stands for intermediate bulk container, used for the transport and storage of fluids and bulk materials.
Also part of the group are steel drum reconditioning operation Cleantank, plastic recycling business Pioneer Polymers and waste management services provider Tradpak Environmental as well as transport company Allways Logistics.
Commenting on the transaction, David Roebuck, director of DLR Holdings, which now trades as Tradpak Recycling, said: “The new organisation will serve to strengthen the group and set the company up for further growth and innovation in the future.
“The new company becomes part of a strong group of companies operating from an integrated recycling park in Leeds, where we will be able to handle all the packaging, waste and recycling requirements of our customers efficiently and at improved service levels.”
Invoice finance facilities to support the ongoing working capital requirements of the business were provided by Richard Leathley of Skipton Business Finance, with additional funding contributed by David Jones, of Reward Capital.
Ben Slack of law firm, Addleshaw Goddard provided legal advice to DLR Holdings and its directors.
Reward Capital was advised by Maxine Burton of Clarion.
