Chris Pole and Ryan Grant from Interpath Advisory were appointed Joint Administrators of Sirane Limited on 15 July 2024.
Sirane is a leading packaging development-to-manufacturing business, specialising in the design and manufacture of innovative packaging solutions and absorbent products, supplying to customers worldwide. The Company operates across several sectors including food packaging, medical and healthcare, horticulture, and industrial applications.
Over recent months, the group has faced financial difficulties due to the impact of rising raw material costs, energy prices and supply constraints. As a result, Interpath Advisory was engaged by the Company to review its strategic options. Despite significant efforts, a solvent solution could not be found, and the director made the decision to place the company into administration.
Prior to appointment, the company had 194 employees across the Company’s three sites in Telford. The Joint Administrators have retained 22 employees to assist in the realisation of assets and the undertaking of their statutory duties. Regrettably, as it was not possible to continue to trade the business in administration, the remaining 172 members of staff have been made redundant.
The Joint Administrators are exploring a number of options including seeking a buyer for the businesses, exploring interest in the Company’s plant and machinery, and realising the remaining assets.
Chris Pole, Managing Director at Interpath and Joint Administrator, said: “Unfortunately, the significant financial difficulties faced by Sirane due to rising raw material costs, increasing energy prices, and supply chain constraints have left the company in an unsustainable position.
"Our primary focus is to support those affected employees, providing them with the guidance and resources needed to file claims from the Redundancy Payments Service.”
Customers and suppliers will be contacted directly by the administration team to discuss the administration and next steps.