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Celloglas restructure expected as administrators are called inJosh Brooks, 6 January 2009Be the first to comment on this article Celloglas, the lamination specialist, is expected to announce a major restructure this week after going into administration yesterday. The private equity-owned firm, which has around 300 staff and turnover of around £24m, went into administration with MCR Corporate Restructuring in London yesterday afternoon. Administrator Geoff Bouchier said that he hoped a deal to sell the business was imminent. He said: “The company is currently continuing to trade from all locations whilst an immediate purchaser is sought for the business as a going concern. “Management were already in advanced discussions regarding a sale of the business and therefore it is hoped that a sale can be concluded within the next few days.” Speculation has also arisen that the business could be broken up or streamlined as part of the deal, although neither MCR nor Celloglas would confirm the rumours this morning. It is so far unclear who will buy the business, although speculation on packagingnews.co.uk sister website printweek.com has suggested that a company called NewCelloCo may be involved. According to Companies House records, NewCelloCo was incorporated on 29 December, and its listed directors are Peter Clayton, that finance director of Celloglas, and Eric Hanson, a managing director at Celloglas’s private equity owner Berggruen Holdings. Neither Celloglas nor MCR commented this morning on whether this company is related to the administration. Speak Your Mind |
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