Packaging firm goes into administration

Bury-headquartered Pulse Flexible Packaging Ltd has called in administrators, but there have been no redundancies yet among its 350 staff.

Jonny Marston and Howard Smith from KPMG have been appointed joint administrators to Pulse – a manufacturer of flexible packing for the consumer goods sector.

The firm’s workforce is spread across two sites – Bury and Saffron Walden. Production at both sites has ceased and most of the staff have been sent home while administrators assess whether trade can resume in the immediate term.

The most up-tod-date accounts for the company to March 31, 2016 – its first full year of trading – report turnover over nearly £58m and profits of nearly £1.7m.

Clues to the firm’s demise were evident in its strategic report for 2016 which said “planned turnover for 2016 was not achieved as the company sought to realign resources during the investment period”.

Marston, a partner at KPMG, said: “Pulse Flexible Packaging is a leading name within the packaging industry, with customers including well-known names from across the food and drink industry.

However, the company has recently suffered operational challenges that have led to an additional funding requirement which has prompted it to enter into administration.

“We are currently assessing whether we can continue to trade the business while we seek a buyer, and would encourage any interested parties to contact the joint administrators as soon as possible.”

Pulse  was established in May 2014 when the UK board of directors and pension trustees, acquired the UK operations of Printpack Enterprises Limited from Printpack Inc. in a management buy-out.