Tecnograv into administration
UK based gravure cylinder specialist Tecnograv Derby and its Tecnoplas operation in Wigan, which produces Tecnobase plastics coated cylinders, have been placed in administration. Jason Godefroy and Paul Clark, partners, Menzies Corporate Restructuring, have been appointed as joint administrators.
Tecnograv says it has been constantly busy in recent months and was ahead of budget throughout 2004. However, the business has been unable to fund the additional costs associated with the closure of its Wigan operation, announced last July, without further financial support, which it was unable to secure. The board’s efforts to sell the business have not proved successful.
Jason Godefroy comments: “The Tecnograv plant in Derby and Tecnoplas plant in Wigan are continuing to trade and it is very much business as usual. A number of redundancies have been made and we are confident that the business can return to profitability. It is our intention to continue to trade the business whilst all of the restructuring options are considered. A potential sale will certainly be considered.”
Other operations in the Image Management Technologies Group – Tecnolink and Tecnolabel -are unaffected by the Tecnograv administration.
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