Pulse Flexible Packaging goes into administration
The company, which is based in Bury, and has a site in Saffron Walden, Essex, both in the UK, employs around 350 staff and makes packaging for the food and beverage industry including ice cream, bakery and confectionery products.
'Operational challenges'
Production at both sites has ceased and about 200 staff have been sent home while the administrators assess whether trade can resume in the immediate term.
No redundancies have been announced so far.
The company works with well-known names from across the food and drink industry including Magnum, Ginsters, Wonka, and Marks & Spencer.
Jonny Marston, partner, KPMG, saidthe company has recently suffered operational challenges that have led to an additional funding requirement, which has prompted it to enter into administration.
“We are currently assessing whether we can continue to trade the business while we seek a buyer, and would encourage any interested parties to contact the joint administrators as soon as possible,” he said.
Upbeat performance
According to the Bury Times, the firm recorded an upbeat performance two years ago to mark the completion of a successful first year as an independent business.
The most up-to-date accounts for the company to March 31, 2016 – its first full year of trading – report turnover over of nearly £58m and profits of nearly £1.7m.
Clues to the firm’s demise were evident in its strategic report for 2016, which said “planned turnover for 2016 was not achieved as the company sought to realign resources during the investment period”.
Pulse Flexible Packaging was created in May 2014 when the UK board of directors and pension trustees, acquired Printpack Enterprises from Printpack in a management buy-out.
