The business and assets of Retail Supply Group Limited, the Coleshill-based supplier of plastic bags and packaging to the retail industry, have been sold to Greenpac (Europe) Limited via a pre-pack administration.
Will Wright and Mark Orton, restructuring partners at KPMG in Birmingham, were appointed joint administrators to Retail Supply Group Limited on Friday 27th September. Following a period of marketing in the weeks prior to appointment, the administrators were able to secure an immediate sale of the business and its assets to Greenpac (Europe) Limited, a new company established by Europackaging plc.
The deal has successfully secured the ongoing employment of all 39 employees, who have transferred over to the new owner.
Will Wright, restructuring partner at KPMG and joint administrator, commented: “We are delighted to have secured this deal which provides the best possible outcome for creditors, employees and other stakeholders. The business had been experiencing declining sales due to reduced demand for single-use plastic bags, coupled with an increase in raw material costs.
“We’re particularly pleased that this deal will safeguard a total of 39 jobs in the West Midlands.”
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