Storage specialist Plasticon UK put into administration
4 Apr 2018
Plasticon UK Limited, the Hull-based storage tanks and industrial piping manufacturer, has gone into administration.
Established in 1973 and boasting a £9 million turnover, the firm is part of the global Plasticon Composites Group and specialises in custom-made, corrosion-resistant storage vessels and processing equipment for a range of industries that handle or process chemicals and corrosive gases.
Andrew Mackenzie, Julian Pitts and Gary Lee of Begbies Traynor were appointed as joint administrators on 29 March 2018 after an internal enquiry found that the business had accumulated substantial losses since accounts were last filed in June 2016.
We are confident that a buyer can be found for Plasticon UK and have already had several enquiries
Andrew Mackenzie, joint administrator
Mackenzie said: “The business is highly specialised and has a strong reputation for innovation in the composites field. We are confident that a buyer can be found for Plasticon UK and have already had several enquiries.”
He added the administrators were investigating the extent and the cause of the financial losses involved.