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North East plastics manufacturer rescued by major supplier

North East plastics manufacturer Re Pet Limited has been rescued by one of its major suppliers, Petec Limited.

The Houghton-le-Spring-based business went into administration on Christmas Eve and following marketing efforts by Ryecroft Glenton Corporate Finance, Petec made an offer for the business.

The deal means continuation of the Re Pet business and safeguards the jobs of all eight employees at the firm.

Re Pet Limited was set up in 2010 and in 2011 received £1.2 million investment from the North East Accelerator Fund.

£800k was spent on machinery to produce plastic sheeting from recycled plastic material.

Joint administrators, Andrew Haslam and Gillian Sayburn, from Begbies Traynor’s Newcastle office acted for the firm.

This was posted in Bdaily's Members' News section by Tom Keighley .