Crest Packaging Group – producer of printed flexible packaging and cartons, whose client list has included such consumer brand giants as McVities and Britvic – went into administrative receivership on 17 February.
It is now in the hands of Simon Michaels and David Gilbert of appointed administrator BDO Stoy Hayward. "We are looking to secure an early sale of the business and will continue to trade while we seek a buyer or investor," said Mr Michaels. No offers have been made to date.
Despite an annual turnover of more than £50M, the company was unable to continue business. Increased competition from Europe, exacerbated by the strong pound and over capacity in the marketplace are cited as chief reasons for Crest's downfall. The closure of the firm's pension scheme, costing £2.5M, was a contributing factor.
More than 500 staff stand to lose their jobs if a buyer cannot be found. The Group comprises Crest Cartons Ltd and Crest Flexible Packaging in Gillingham, Kent and Crest Chapman Ltd in Wellingborough, Northants.
Crest Packaging has been supplying packaging solutions to multinational manufacturers in the consumer, industrial and medical markets for over 40 years.
