A debt-troubled plastics packaging business is in the hands of administrators for the second time in nine months and has ceased operations.
Plastibox Ltd. of Gloucester, England, formerly part of paperboard and plastics packaging firm Thomas Waide Ltd. of Leeds, England, was taken over in December by accounting firm BDO Stoy Hayward of London, which is acting as an administrative receiver.
The company laid off its 36 employees shortly before Christmas. Plastibox has a total debt of more than 1 million ($1.47 million), according to the administrators. Plastibox makes printed PVC box, drum and tube gift packaging.
The receiver now hopes to sell the Gloucester business intact, perhaps as soon as the end of February. Fifteen potential buyers have stepped forward, all but one from Britain, said a BDO spokesman.
Among initial interested parties was Dolphin Packaging plc of Poole, England, which was acquired last year by Sealed Air Corp. of Saddlebrook, N.J., the spokesman said.
Plastibox and sister company Waide Packaging Ltd. had been in receivership on March 17. Waide Packaging is a Leeds-based folding-carton converter. At that time, the firms were sold to Leeds investment company Elnat Ltd., which agreed to inject badly needed funds into the operations and to retain the work force of 118.
Plastibox's sales depended largely on producing seasonal gift packaging, especially in the run up to Christmas, for perfumery, clothing and confectionery goods for customers such as the Body Shop and Marks & Spencer.