Duff & Phelps is pleased to announce that it has recently completed the sale of the business and assets of Petlon Polymers Limited ("Petlon Polymers") from Administration to Vision Petlon Polymers Limited, a subsidiary of Visionscape Group ("Visionscape").
About the Company
Petlon Polymers is a compounder and polymer recovery company specializing in engineering thermoplastics and had experienced working capital difficulties in the lead up to Administration following a change of ownership structure.
Duff & Phelps' Role
Geoff Bouchier and Matthew Ingram, Managing Directors at Duff & Phelps, were appointed Joint Administrators and led the sale transaction and Administration process. Following their appointment, the Joint Administrators oversaw a four week period of continued trading in Administration whilst executing a parallel marketing campaign with a view to sale. The sale to Visionscape saved the jobs of all staff, based at their facility in Lydney, Gloucestershire.
Harry Ackerman, Executive Director of Visionscape, commented: "The acquisition of the Petlon business is a complimentary addition to Visionscape's global waste management solution as we continue to seek innovative and environmentally effective solutions for customers. We are delighted to have completed the transaction and look forward to working with the existing management team and the company's key stakeholders to take the business to new heights."
Geoff Bouchier, Joint Administrator and Managing Director at Duff & Phelps, commented: "We are pleased to announce the successful sale of the Petlon Polymers business to Visionscape, which has facilitated business continuity for its customer base and supply chain, and has preserved the jobs of its entire workforce."
Following an accelerated M&A process, Duff & Phelps sold the business and assets to Reynolds Catering Supplies Limited in a transaction which preserved the jobs of all 62 staff.
As Administrator, Duff & Phelps sold majority of the business and assets to Hilding Anders Holdings Limited, saving the jobs of over 100 employees.
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