Edward Klempka, Ian Stokoe and Steve Ellis of PricewaterhouseCoopers have been appointed joint administrators of Parkside International and Parkside Flexibles. This follows their appointment as joint administrators of Parkside Performance Films in November, 2004.
Parkside International has three subsidiaries: Parkside Films and Parkside Flexibles in the UK, and Parkside Flexibles SA, in Zlotow, Poland, which is not affected by the latest appointments. Parkside Flexibles manufactures flexible packaging for the tobacco and general food industries. Based in Normanton, the company employs around 200 staff and has an annual turnover of £36M. Parkside International, the non trading holding company, has no employees.
When the administrators were appointed to Parkside Films in November, the directors hoped that Parkside International and Parkside Flexibles would be able to avoid insolvency and continue to trade normally. Unfortunately, the pressures that developed in weeks following the insolvency of Parkside Films meant that this was not possible, culminating in the appointment of administrators to the remaining UK companies.
On December 17, the joint administrators announced that they were unable to find a buyer for the Films operation and had no option but to cease trading. This resulted in 190 redundancies, whilst 210 employees were retained to finish work in progress and to assist the administrators realise the assets of the company.
Joint administrator Edward Klempka comments: "Going forward, our immediate strategy will be to liaise with employees, customers and suppliers of Parkside Flexibles with a view to allowing trading to continue whilst we seek a buyer for its business and assets. We also intend to seek a buyer for Parkside's Polish operation. We are encouraged by the interest that has already been expressed by a number of parties interested in the potential acquisition of the businesses and assets of both Parkside Flexibles and Parkside Poland."
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