Glopac Limited (01243706): administration
- Status
- Administration ended
- Administration began
- 2013-09-27
- Administrators
- William James Wright, Mark Jeremy Orton
- Administrators' firm
- KPMG
- Formerly
- Global Trading (Packaging) Limited
- Incorporated
- 1976-02-10
- Location
- Birmingham
- Industry
- 47190 Other retail sale in non-specialised stores
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Loss of a key customer, supplier or contract
From the administrators' statement
During late 2012 and throughout 2013, the Group experienced difficult trading conditions as a result of a decline in sales orders from key customers, rising raw material prices and adverse foreign exchange movements, compounded by the structure of the Group's financing facilites Consequently, management identified a short term funding requirement of around £1.2 mullion above its existing facilities in August 2013. The Group, acting by its board of directors, was in ongoing dialogue with the Bank regarding their funding requirements, However, the Bank confirmed that they were unwilling to provide further funding to support the Group at the level required,
As a consequence of the above events the Group engaged KPMG in September 2013, to run an Early Options process which included marketing the Group for sale or investment to potential purchasers and alternative lenders
Further details of the options process were provided in the SIP16 statement sent to all creditors on 3 October 2013, a copy of which ts attached to this report.
Administrators' statement of proposals (2013-11-22) · Companies House register