Administrators complete sale of packaging manufacturer
The business and assets of a Herefordshire packaging manufacturer have been sold out of administration by KPMG.
Gelpack Excelsior and Gelpack Industrial slid into administration in August, raising concerns about the 200 staff employed at the business.
Joint administrators Chris Pole and Mark Orton announced shortly afterwards they had exhausted options for keeping the business afloat and announced 175 staff would be made redundant.
The remaining staff were retained by the administrators to help fulfil outstanding orders and assist with the wind-down process.
KPMG has now announced that it has completed the sale of the business to global environment utility group, Visionscape.
As part of the transaction, all remaining employees will transfer to the Essex-based purchaser. Details of the deal have not been disclosed.
Mr Orton, partner and joint administrator, said: “Gelpack’s established name within the packaging industry means it’s a good strategic fit for the new owner and we are pleased to have completed a sale of its business and assets.”
Harry Ackerman, executive director at Visionscape Group, added: “We are excited to welcome Gelpack to the Visionscape Group. We have made an excellent investment and Gelpack’s established reputation will enable Visionscape to provide a more comprehensive range of services and solutions to the millions in the markets we operate.”
Ian Harris, operations director at Gelpack, said: “This is exciting news for us and after a successful run for over 40 years, we are committed to continuing to grow the business and carry on the legacy under new leadership and direction. We look forward to the new chapter as we benefit from the new sources of capital through Visionscape’s geographical reach.”