Financial advisory company Interpath, comprising joint administrators Chris Pole and Ryan Grant, has successfully facilitated the sale of Sirane, a UK-based packaging specialist, to Coppice Alupack.
The deal comes after Sirane appointed Interpath after grappling with rising costs of raw materials, energy prices, and supply chain issues.
Sirane specialises in the design and manufacture of packaging solutions and absorbent products.
The company serves various sectors, including food, medical and healthcare, and horticulture and offers products for industrial applications.
The deal has resulted in 172 redundancies, Interpath said in a statement. It cited an inability to continue trading amid administration.
Pole said: “Sirane now has a future in Telford with the backing of Coppice Alupack. This transaction provides continuity for Sirane’s customers and the opportunity to bring the business back to life. We wish the team at Coppice Alupack the best of luck as they take the business forward.”
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By GlobalData
Following the acquisition, Coppice Alupack aims to rejuvenate Sirane’s operations while preserving its Emerald site in Telford and retaining 22 employees.
The acquisition marks a strategic expansion for Coppice, known for serving various industries with its packaging products.
Coppice manufactures and supplies packaging to the food manufacturing, processing, and baking industries.
It also serves the wholesale, institutional catering, and non-food markets.
“We are proud to be able to add Sirane to the Coppice family; securing its future and those that have been affected during this time. We now look forward to working with our customers and suppliers, to set a path of growth for this well-respected business,” expressed Coppice CEO Derek Nixon.
