UK based flexible packaging and cartons group Crest Packaging is to be wound down over a period of a few months, according to Simon Michaels and David Gilbert, the joint administrative receivers at BDO Stoy Hayward. Crest went into administrative receivership over a month ago due to “financial losses” (see March issue).
“Despite receiving around 140 expressions of interest, none of the bids made were able to proceed,” Simon Michaels says. “Crest has struggled against a number of forces beyond its control, which led to cashflow problems. Although interest in the business was high, plans to secure a buyer fell through at the final hour and we will now be winding the company up over the next few weeks.” All 500 staff at the group’s two sites will be made redundant.
BDO Stoy Hayward Tel: +44 (0)20 7893 2717. www.bdo.co.uk