Former assets of Bury-based Pulse Flexible Packaging sell for millions
Assets once belonging to Pulse Flexible Packaging Ltd have sold at auction for millions.
The Bury-based company fell into administration in May with the loss of more than 150 jobs, according to PrintWeek.
KPMG, joint administrator for the business, instructed advisory firm Sanderson Weatherall to secure buyers for various pieces of machinery and assets relating to Pulse.
A two-day auction hosted on auction site Bidspotter.co.uk fetched in excess of £6.5m.
Among the more popular lots was a Bobst F&K 20SIX press machine, used for flexible packaging printing, which sold for more than £1.5m.
Over 1,300 lots went up for sale, attracting interest from potential purchasers representing more than 20 countries, including the US, Canada, India, Pakistan, Thailand, Singapore and various European nations.
Jonny Marston, partner at KPMG and joint administrator of Pulse Flexible Packaging, said: “While we hoped that the auction would receive high levels of interest, we are delighted that Sanderson Weatherall was able to reach such a large number of potential buyers, helping to make the sale a real success and realising significant value for creditors of the administration.”
Mark Weston, partner in Sanderson Weatherall’s machinery and business assets team, commented: “We are very pleased to have managed such a successful sale.
“It is incredibly rare for such high specification equipment to come to market in the packaging sector and the amount raised at the auction reinforced the high quality of equipment on offer.”