BusinessBusiness RecoveryLast minute offer for IMCO Plastics

Last minute offer for IMCO Plastics

Efforts to find a buyer for IMCO Plastics Limited have been revived at the last minute following a revised offer.

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 Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

3d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

3d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor