Papermarc Mill and Papermarc Merton Packaging, in Burnley, UK, went into administration on August 10. Administrators from BDO Stoy Hayward have been called to assist and advise on the future of the company, which says financial problems have made it necessary to make “a significant number” of the workforce redundant.
Papermarc was the second largest employer in Burnley, with almost 300 employees. It fell into difficulties when the business failed to recover following a major fire at its mill.
Jeff Jones, a partner at BDO Stoy Hayward’s Manchester office, says: “It is early days and the administrators are currently assessing the situation.”
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