Last minute offer for IMCO Plastics

Link: KPMG to wind down plastics business

On Friday the company’s administrator, KPMG, said the business would be wound down because none of several bids made had reflected the value and assets of the company.

But today Richard Hill, KPMG corporate recovery partner and joint administrative receiver, said: ‘Following a revised offer and further negotiations, we are now more optimistic about selling the business as a going concern. We will now be doing everything we can over the next few days to bring a deal to a successful conclusion.’

The Glastonbury company’s 119 staff now face an anxious wait to find out if the late bid will be enough to save them from redundancy.

Related reading