Eric Walls and Wayne Harrison are delighted to announce the sale of a 40 year old flexographic packaging and printing company in the Norfolk area. The business had been trading well, with sales of over £3m per annum, until the sudden loss of a major contract. The directors sought advice from our insolvency practitioners, and it was agreed that, regrettably, the company was no longer viable.
Having considered all options available to the company with its directors, it was decided that a sale of the business and assets to a non-connected trade buyer was the most appropriate solution.
Our team was advised by Roger Cutting of Charterfields who conducted the marketing of the business and assisted with the sale process. After a short period of marketing the business and assets including goodwill, intellectual property, stock and equipment were sold to a trade buyer in the same industry, which was not connected to the company or its directors.
Eric Walls said “overall we are pleased with the sale, as we believe it achieved a better result for creditors due to the highly skilled jobs which were saved, and the novation of certain finance agreements where there was either no equity or modest equity available in the major pieces of plant & machinery concerned. We always look to the best option available, and in this particular case speed was of the essence, resulting in the use of the pre-packaged administration process”.
Contact Eric Walls on email@example.com or call 0191 4823343