A notice of intention to appoint administrators has been filed at court with Insolvency practitioners at Mazars to be appointed as administrators of Promotional Logistics, which trades as Prolog. The move is mainly due to the withdrawal of financial support from a group company. It is expected that the business will entere administration on the week commencing 26th November.
The company employs 618 members of staff at two sites in Nottinghamshire and Suffolk.
All staff, as well as customers, have been informed of the move.
Prolog employs 522 people at its base at Sherwood Business Park, Annesley and a further 96 in Sudbury, Suffolk.
Simon Chandler, Mazars' head of restructuring services and proposed joint administrator, said: "Even at this early stage, I would like to thank the staff and customers for their positivity and support at what is a very difficult time.
"We are seeking to engage with all stakeholders to find a way forward that minimises disruption and gives us the best chance of retaining the workforce.
"The customers we have contacted have been responding very positively, and this is in part due to the excellent service and commitment shown by the company’s workforce in the past.
"We will continue working with all parties to reach the most positive solution possible."
If you are an employee of Prolog then read this page that sets out your rights.
Categories: What is administration