Jobs saved at ailing packaging firm
ALL jobs have been saved at a Lancashire packaging supplier and manufacturer after it was sold out of administration.
Skelmersdale-based Principal Packaging suffered severe cashflow problems and appointed administrators from Wilson Field on February 17.
The company, based at Pit Hey Place in the town, had 14 staff and was one of the main independent providers of quality packaging for the retail food industry, and major food and dairy suppliers.
Directors Tracy and Richard Sharratt took early advice and the business was sold to new company Surepac Ltd as a going concern saving all 14 employees’ jobs.
Joint administrator Kelly Burton from Wilson Field in Sheffield said: “Historically, the company offered a holding service to its customers. This meant that it held a significant amount of stock at any one time, which tied up a substantial amount of cash.
“This created cashflow problems and was exacerbated in the early part of 2016 when the amount available on the company’s funding facility was reduced.
“Directors took early advice from Wilson Field with the business sold to Surepac Ltd as a going concern, safeguarding all 14 employees’ jobs. The new company will offer the same service and standards and will operate under the same management team”.
Principal Packaging, started in 2006, making packaging producs for meat, fish, horticulture and poultry producers in the UK nd Ireland and traded successfully in the early years.