The firm, which employs 94 staff, continues to trade and KPMG hopes to sell it as a going concern. It turned over 13m in the nine months to 31 December 2001, but sales have fallen steadily from a peak of 30.6m in 1996.
It last full-year accounts, to 31 March 2001, showed a pre-tax profit of 2.5m on sales of 20.3m, but the firm made an operating loss and was aided by a 3m exceptional gain.
Smith & McLaurin was bought by its management team from Rexam in March 1998, before being taken over by German company Schleipen & Erkens in February 2000.
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