The Great Northern Envelope Company in Leeds continues to be immediately acquired after Nick Reed and Bob Maxwell of Begbies Traynor were in the week appointed as joint administrators.
Difficult trading conditions led to administrators having to be contacted, but a Tyne and Wear-based Encore Envelopes stepped in get the business in the deal which includes saved almost 130 jobs.
Established in 1984, Encore Envelopes has a turnover much more than 28 million. It produces nearly three billion printed envelopes from your factory in Washington with the direct mail and transactional markets, serving identical sector as GNE.
Following the purchasing, Russell Croisdale, Encore Envelopes MD, said: “It’s excellent news that we have gotten to purchase the organization and assets of GNE simply because this transaction provides continuous employment for any company’s experienced and dependable workforce.
“Importantly, the purchase, along with the strong financial and technical support which Encore can offer, will even ensure the continuity of supply for those Great Northern Envelope customers looking at the factory in Leeds.”
The business will trade as Great Northern Envelopes in the years ahead.
?Joint administrator Nick Reed said: “While GNE has faced tough trading conditions recently, it can make use of being part of a large, established company like Encore.
“In situations, the sale is the best possible outcome for creditors, staff and customers.”