The administrators of Gelpack Industrial Limited and Gelpack Excelsior Limited have confirmed that after being unable to obtain funding to support trading, steps are now being taken to effect an orderly wind-down of the business.
The administrators of Gelpack Industrial Limited and Gelpack Excelsior Limited have confirmed that after being unable to obtain funding to support trading, steps are now being taken to effect an orderly wind-down of the business. As a result, a total of 175 members of staff have been made redundant. The administrators have retained a skeleton staff to help fulfil outstanding orders and assist with the wind-down process.
Chris Pole and Mark Orton from KPMG were appointed joint administrators to the two companies on 3rd August 2017.
Mark Orton, partner at KPMG and joint administrator, commented: “We are in talks with a number of interested parties, and over the coming days and weeks, our principal focus is seeking a buyer for some or all of the businesses’ assets.
“However, without funding for the businesses, Gelpack Industrial and Gelpack Excelsior were unable to continue trading. We will now work to wind down the businesses, providing support for the employees and exploring options to realise assets.”
Any parties interested in the assets of the companies are encouraged to contact the joint administrators.
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