Packaging company sold out of administration for second time in two years
An Alfreton packaging company has been bought out of administration for the second time in two years.
Sarah Bell and Steven Muncaster, both of Duff & Phelps, were appointed joint administrators of Derbyshire-based packaging firm CP Realisations (2019), formerly Charapak Packaging Limited on 28 January. The company has now been sold to West Bromwich-based CBS Packaging.
The company was incorporated in January 2017 and in February of that year it acquired the business and assets of Charapak Limited, which was subsequently dissolved in June 2018, while retaining the trading name.
Established in 1980, Charapak was the UK’s leading independent manufacturer of speciality-corrugated packaging, providing packaging solutions for some of the world’s most instantly recognisable brands. Charapak’s services include decorative, shelf ready, eCommerce and bespoke packaging services.
Bell said: “Following the incorporation of the company and subsequent acquisition in early 2017, the company traded well, but in 2018 it lost two major clients which had an immediate impact on cash flow.
“On appointment we took the decision not to trade the business given the lack of working capital, and the costs of trading would outweigh the benefits of doing so. As a result certain assets of the company were sold to CBS Packaging Limited on the appointment date including finished goods, work in progress and raw materials and intellectual property including the website, customer database and company name.”
The joint administrators have also sold plant, machinery and vehicles to Maltby Forman on 4 February 2019.