Martyn Rickels, Allan Kelly and Simon Farr of specialist business advisory firm FRP have been appointed as joint administrators to iTEC Packaging (Mansfield) Limited and iTEC Packaging (Chester-Le-Street) Limited.
iTEC Packaging is a plastic packaging designer and manufacturer that employed 247 staff across sites in Chester-Le-Street and Mansfield. The business, which provides injection moulding, thermoforming, extrusion and compression moulding services, faced financial pressures following difficult trading conditions.
The joint administrators will continue trading iTEC Packaging to fulfil outstanding orders where possible while they market the business and assets for sale.
Upon appointment, 44 roles were made redundant. The remaining staff have been retained to assist the joint administrators in their duties.
Martyn Rickels, joint administrator at iTEC Packaging, said: “iTEC Packaging has sizeable operations in Chester-Le-Street and Mansfield with manufacturing capabilities that can produce a vast range of packaging products. We have begun a marketing process to find a buyer and encourage any interested parties to come forward.
“In the meantime, we are trading the business as we fulfil outstanding orders for customers.”
