KPMG to wind down plastics business
Efforts to find a buyer for IMCO Plastics Limited have been abandoned and the business will now be wound down, it was announced on Friday.
KPMG, the administrative receivers appointed three weeks ago, said several offers had failed to reflect the value and assets of the company.
Redundancies among the 119 Glastonbury-based staff are likely.
David Cranshwaw, KPMG corporate recovery partner and joint administrative receiver said: ‘It is always disappointing when we have to take the difficult decision to close down an established manufacturing business. All employees have been advised of this decision and we will be keeping them informed of developments.’