The director of Cardinal Packaging, James Tucker, is to bid to purchase the compnay from the administrator.
The director of Cardinal Packaging, James Tucker, is to bid to purchase the business back from administrators two weeks after it feel into administration. It is a bag supplier to Guinness and T-Mobile.
He asserted that he has submitted a bid to buy back the firm from insolvency practitioner RSM Tenon. The director is even planning to revamp the management of the company and operations if the bid becomes a success.
The Ebbw Vale, Gwent business, which supplies printed carrier bags to big brand names such as Guinness, T Mobile, Pedigree Chum and Sky, went into administration on 8 June.
According to the administrators, the company has turnover of £5.4m and trades as Cardinal Packaging, but is registered at Companies House as Studiosmart. Tucker opined, “I have submitted a bid to perform a MBO. However, very little of the previous management will remain”.
He went on to add, “Key individuals from outside the business are being brought in at board level. The company will be drastically restructured throughout every department, in particular the financial control”.