Performance Films was purchased by Parkside International from BP in late  2002. "Management had hoped to be able to rationalise the operation and turn the business around, unfortunately this hasn't been able to happen," said Ian Stokoe, one of the joint administrators.

None of the 400 staff at the 32m turnover firm's Darton, Barnsley site have been made redundant, the firm continues to trade "as normally as possible" while a buyer is sought.

Administrator PricewaterhouseCoopers has had over 30 enquiries regarding the firm although no offers have been received.

Parkside's other two divisions Flexibles in Normanton and Poland are unaffected by PPF's move into administration.