United Kingdom

Details

  • Service: Advisory, Transactions & Restructuring
  • Type: Press release
  • Date: 01/10/2013

KPMG sells Retail Supply Group Ltd to Greenpac (Europe) Limited via ‘pre- pack administration’ 

 
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.”

 

ENDS

 

For press queries, please contact:

 

Katy Broomhead, KPMG Corporate Communications

Tel: 0161 246 4623 / 07824 537963

Email: katy.broomhead@kpmg.co.uk

KPMG Press office: 020 7694 8773

 

About KPMG


KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative

 

 

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