Will Wright and Mark Orton of KPMG were appointed joint administrators of Discovery Foils, a leading provider of foil gravure printed packaging on Friday 12th July 2013.The business produces packaging primarily for the confectionery industry and other customers in the dairy and foil food containers industry. The company is based at leasehold premises in Bridgnorth, West Midlands and employs 85 UK staff plus 1 US representative. There have been no redundancies to date.
Will Wright, joint administrator and restructuring partner at KPMG, commented: “While the business faced cashflow difficulties, necessitating the appointment of administrators, we are hopeful that a buyer can be found for the business on a going concern basis."
“The site at Bridgnorth has now been closed and will continue to liaise with key customers. As a result, it is with great regret that we have today made 69 staff redundant. Twelve staff have been retained as we wind down the business. We have had substantial interest in the business and we are hopeful that we will be able to find a buyer who could restart the plant."
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For further information on the administration, please contact:
Sorrelle Cooper, Senior PR manager, KPMG
T: +44 20 7694 8527
M: +44 7932 078218
Emma Murray, PR Manager
T: 020 7694 6506
KPMG Press office: +44 (0) 207 694 8773
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 156 countries and has 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.