Celloglas deal hopes fade as Best Cover probes further into finances

Hopes of a rescue for the remaining former employees of failed laminator Celloglas are fading after a buyout bid dragged into another week.

It has emerged that rival finisher Best Cover UV has been in talks with administrator MCR over a purchase of the Bristol and Manchester facilities.

Best Cover is believed to be in the process of due diligence over the two sites, but as more details regarding the financing of assets at the sites are discovered the deal continues to be delayed.

Darren Crake, managing director of Best Cover, told PrintWeek that he hoped to have a deal completed later this week, but did not wish to comment any further until it was completed one way or another.

Meanwhile, the assets of the Acton, Birmingham and Gloucester sites have been sold to laminator supplier Global Graphic Equipment.

And administrator Kevin Buckett said that the assets from the Poole facility had been sold to a local rival.