ICSM Business: blow for workers and suppliers as packaging firm crashes after making £5m loss

By Harry Mottram: On Monday Sirane filed a notice of intent to appoint administrators sending suppliers and workers into a state of anxiety and on Thursday the Telford firm did exactly that this week. Christopher Pole and Ryan Grant of Interpath Advisory in Birmingham were appointed joint administrators on 15 July 2024, and took on the role on Thursday of the same week.

Writing in the trade publication Print Week, Richard Stuart-Turner reported: “Interpath confirmed that prior to its appointment Sirane had 194 employees across its three sites in Telford. The administrators have retained 22 employees to assist in the realisation of assets and the undertaking of their statutory duties. The administrators said they are exploring a number of options including seeking a buyer for the businesses, exploring interest in the company’s plant and machinery, and realising the remaining assets.”

In a statement sent to Printweek, Interpath said: “Over recent months, the group has faced financial difficulties due to the impact of rising raw material costs, energy prices and supply constraints. As a result, Interpath Advisory was engaged by the company to review its strategic options. Despite significant efforts, a solvent solution could not be found, and the director made the decision to place the company into administration.”

Sirane had been in decline for some time with its profits falling to a pre-tax loss of £5.1m last year as its turnover fell due to the a combination of a slow down in the economy, increasing costs including those of energy and fuel. ICSM’s Ian Carrotte said it was a combination of factors that has caused the administration but with one of the print industry's sectors in packaging doing well then it will be hoped a buyer can be found.

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ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com