Gateshead-based manufacturer, Thermopak Ltd, was brought out of administration on the 18th August by Thermopak Packaging Ltd after the company suffered a ‘downturn in trading’.
The company produces moulded trays and carriers for fresh food and has worked with food companies across Europe and in the UK.
Howard Smith and Jonny Marston of KPMG were appointed joint administrators and arranged the pre-pack deal, saving just under 70 jobs.
Howard Smith commented “Thermopak Ltd entered administration as a result of a continued downturn in trading and difficulties in meeting its debt obligations.”
“Following comprehensive marketing of the company, we were able to secure a going concern sale – safeguarding the future of all employees.”
The company that bought Thermopak is owned by Bill Mapstone, the previous chairman of Pilgrim Food Group. Ironically, Thermopak started as a company to save the HFW Plastics business and its employees in 2009.
Pre-pack administration is a powerful restructuring tool which can save a business and jobs. Yet another example of how effective a pre-pack deal can be.