Tony Nygate of BDO Stoy Hayward was appointed as administrative receiver on 4 November following the failure of its Creditors Voluntary Agreement (CVA). BDO will now try to realise any assets.
The firm applied for a CVA after what it described as a "disastrous summer". Sales at the Guildford-based cardboard engineering specialist have been declining for several years.
See earlier stories:
Karran enters CVA due to sales slump
Story by Andy Scott
