Administrators to sell assets after pharmaceutical packaging firm collapses
Wed, 12 Jul 2023 | ADMINISTRATION
Pharmaceutical Packaging (Leeds) has fallen into administration and ceased trading. FRP Advisory’s Mark Hodgett and Phil Pierce were appointed as joint administrators to the company on July 6. 21 staff have been made redundant following their appointment, with five retained to assist the administrators in winding down the business.
Following their appointment, the administrators say they will seek to sell the company’s assets. In the firm’s accounts for the year ending October 31 2021, its fixed assets were valued at £343,417 and current assets at just over £2.5 million. At the time, the company owed around £2.5 million in total to creditors, with net assets valued at £314,763.
The company was based in Holbeck and used advanced technology to create bespoke labels for a variety of national and multi-national organisations in the pharmaceutical sector. However, the company was impacted by rising supply costs and supply chain inflation, meaning its was no longer able to fulfil its financial obligations and was forced to appoint administrators.
Commenting on the process, joint administrator and FRP restructuring advisory partner Mark Hodgett said: "Pharmaceutical Packaging had operated in the local area since 1878 and unfortunately, mounting external pressures, most notably rising costs, made the business financially unviable.”
"Regrettably, this meant 21 staff were made redundant on appointment. We're now supporting the individuals affected and preparing for an asset sale."
Read about rising insolvency levels among UK SMEs.
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