New Plastic Engineering owner saves jobs

Hanking Plastic (Shenzhen) Manufactory CO., LTD, a Warwickshire-based injection moulder of thermoplastics, has come out of administration, saving 101 jobs and the future of the business.

 Geoff Rowley and Gerald Smith, client partners from Vantis Business Recovery Services (BRS), were appointed as joint administrators on 2 September 2009. They successfully traded the company while marketing it to a number of interested parties.

 The best of three offers was accepted and the sale completed on 21 October, when the new owners, Urbis Canalside, took over full control of the business.

 ¡°We were able to continue trading the business at a level where future losses were minimised,¡± said Rowley. ¡°During this time we were able to develop a strategy for the sale and the future of this company is now looking prosperous, which is not only good for local staff but also the industry.

 ¡°We would wish to express our thanks for the support provided by staff, customers and suppliers during the administration.¡±
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