Shropshire-based food packaging company Discovery Foils Limited has entered administration, resulting in 69 redundancies.
William Wright and Mark Orton of KMPG were appointed as joint administrators to the company on 12 July 2013.
Wright, partner at KPMG, said: “?“While the business faced cash flow difficulties, necessitating the appointment of administrators, we are hopeful that a buyer can be found for the business on a going concern basis.
“The site at Bridgnorth has now been closed and will continue to liaise with key customers. As a result, we have made 69 staff redundant.
“12 Staff have been retained as we wind down the business. We have had substantial interest in the business and we are hopefully that we will be able to find a buyer who could restart the plant.”
Discovery Foils Limited produces foil packaging primarily for the confectionery industry and other customers in the dairy and foil food containers industry.
Prior to entering administration the company employed a total of 85 staff, plus one representative based in the USA.
The company’s plant and assets were sold to Discovery Assets in 2011, following former owner Novelis Flexible Packaging Group’s announcement that it would be closing the Bridgnorth foil rolling and laminating plant by the end of April 2011 unless a buyer could be found.