More than 200 jobs have been saved after the sale of a North East and Yorkshire packaging company that had gone into administration.
PFF Group, which had sites in Sedgefield, County Durham, and Keighley, West Yorkshire, has been sold to Birmingham firm Coppice Alupack Ltd. PFF had gone into administration on Wednesday but the sale sees all 239 of its team transfer to Coppice.
PFF Group makes sustainable and recyclable plastic food-grade packaging. Howard Smith and Richard Harrison from Interpath were appointed joint administrators to three entities of the group, saying that inflationary pressures and softer consumer demand in the packaging industry had harmed its ability to maintain working capital.
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After launching an accelerated M&A process, the directors took steps to appoint administrators after a solvent solution could not be found. The joint administrators were appointed to PFF Packaging Ltd, PFF Packaging (North East) Ltd, and PFF Packaging Group Ltd.
New owners Coppice, which supplies the food manufacturing, processing and baking industries, said the transaction provides a platform to further expand its product range, strengthen its innovation capabilities, and offer customers greater flexibility and service.
Rob Atkin, managing director at PFF Group, said: “We’re incredibly passionate about what we do and have this opportunity to take the business forward into a new chapter as part of Coppice, which has shown remarkable organic and acquisitive growth in recent years.
“We look forward to joining the team, which will create new collaboration and innovation opportunities, and continue our commitment to supporting for customers with quality, sustainable products that meet their evolving requirements.”
Derek Nixon, CEO of the Coppice Group, added: “We’re thrilled to welcome all PFF into the Coppice family – bringing together the best of both firms. This acquisition marks a significant milestone for us as a business and reinforces our commitment to driving sustainability in the packaging sector.
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“PFF’s portfolio of packaging solutions, particularly in the food and healthcare sectors, technical expertise, and customer relationships are highly complementary to our business, and we’re excited about the opportunities this integration will bring. We’re committed to working with all the team at PFF to continue as we continue our mission to disrupt the packaging market and bring comprehensive solutions, flexibility, service, and innovation to our customers.”
Howard Smith, managing director at Interpath and joint administrator, said: “PFF has been one of the largest independent players in the 海角视频 packaging industry. However, businesses across the sector have felt significant pressure after such a prolonged period of high input costs and weak demand from key consumer markets.
“This transaction secures a considerable number of jobs in the sector and brings PFF into the Coppice group, reflecting continued consolidation in 海角视频 packaging. We wish them all the best.”