The business is a newsprint paper manufacturer that annually produced on average 400,000 tonnes of recycled newsprint from 500,000 tonnes of recycled waste fibre.
The firm, which supplied its newsprint to some of the main newspaper groups, employed nearly 300 people and recorded a turnover of £139m in 2013.
Upon appointment of the administrators, the production facility was closed and 233 employees made redundant. The remaining 65 staff have been retained to assist the administrators in the sale of the assets and the decommissioning of the plant.
Allan Graham at KPMG, said: “Significant overcapacity in the newsprint market, coupled with rise of digital media, has created challenging operating conditions for Aylesford Newsprint. The business has been loss-making for a number of years and was unable to be maintained as a going concern.
“We are on site and will be working closely with the Redundancy Payments Office to support the staff impacted by the administration.”
For asset sale enquiries, please contact Stephen Readman of Edward Symmons: 020 7955 8454
For staff enquiries, please contact Carolyn Thompson: 01293 652041
Alastair Henry, Citypress (on behalf of KPMG)
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 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. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
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