Capacity exits UK after sale of Crest presses

News by

23 July 2003

The majority of Crest Packagings biggest presses have been sold to firms outside the UK.

The group, which had plants in Gillingham and Kettering, went into administrative receivership five months ago and closed two months later.

The sale of kit to foreign firms is good news for the packaging sector, which was described as a dam ready to burst by MY Holdings chief executive John Monks earlier this year (PrintWeek, 28 February).

Crests receivers, BDO Stoy Hayward, appointed Atis Real Weatheralls to sell the kit, including two eight-colour and two six-colour Cerutti gravure presses.

The auction [on 17 July] went very well, but the big production equipment was sold at a private treaty prior to the sale, said Roger Cutting, associate director of Atis Real Weatheralls.

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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration. We are all still left unable to claim the redundancy and notice pay owed..."