79 jobs at risk as administrators are called in to struggling Hull manufacturing firm
By Hull Daily Mail | Posted: 6 Apr 2018
A total of 79 jobs are under threat after it was announced a manufacturer has gone into administration.
Plasticon UK Ltd, which makes storage tanks and industrial piping, has suffered financial difficulties after accumulating large losses over the past year.
Established in 1973, Plasticon, which turns over £9m a year, is based at Sutton Fields Industrial Estate.
The business, which is part of the global Plasticon Composites Group - headquartered in Holland - specialises in custom-made, corrosion-resistant storage vessels and processing equipment for a range of industries that handle or process chemicals and corrosive gases.
Andrew Mackenzie, Julian Pitts and Gary Lee, of Begbies Traynor, were appointed as joint administrators on March 29 after an internal enquiry found the business had accumulated substantial losses since accounts were last filed in June 2016.
Mr Mackenzie said: “The business is highly specialised and has a strong reputation for innovation in the
composites field. We are confident that a buyer can be found for Plasticon UK and we have already had several enquiries.
“The administrators are currently investigating the extent and the cause of the financial losses suffered by the business.”
As well as a significant volume of work in progress, Plasticon UK also owns a state-of-the-art manufacturing facility, along with stock, an order book and intellectual property rights to a wide range of industrial products.
It hit the headlines in 2013 when it secured a £7 million order from a Saudi Arabian petrochemical giant.
The business has traded for 66 years, moving from Beverley to the 54,000sq ft former Cosalt Holidays site as part of an expansion in 2012.
Celebrating the Energy Estuary: Humber Renewables Awards shortlist is revealed