Postsafe Limited (01382347): administration
- Status
- Administration ended
- Administration began
- 2019-04-09
- Formerly
- Blands International Limited; Polywrapp Limited
- Incorporated
- 1978-08-04
- Location
- Manchester
- Industry
- 22220 Manufacture of plastic packing goods
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
- Sustained trading losses
- Loss of a key customer, supplier or contract
- Supply chain disruption
- Cash flow / liquidity pressure
From the administrators' statement
Postsafe Limited (“Postsafe”) was incorporated on 4 August 1978 with Derek Trethewy being the sole director. The primary aim of the Company was to produce and manufacture envelopes for distribution to department stores and suppliers; this later developed to supermarkets and national stationery chains along with direct sales to consumer. 2017 saw turnover fall for a number of reasons and the Company verging on the point of entering into Administration due to its declining financial position.
In an attempt to avoid this, buyers were sought for the business and/or the Company itself. As a result of this marketing the Company itself avoided Administration and went through a Management Buy Out with the founding director and shareholder retiring and some long standing employees taking over the reins, supported by an external consultant.
The new management continued to run the business in a similar way to the way it had been run under the old management whilst undertaking a proper review of all the facts over which they previously had no control or knowledge.
Administrators' statement of proposals (2019-06-18) · Companies House register