The future of Triflex Productions Limited has been secured following a sale of the business and its assets out of administration.
Will Wright and Chris Pole from Interpath Advisory were appointed joint administrators to Triflex Productions Limited on 11 March 2024. Based in Folkestone, the Company produces offset-printed packaging onto various materials including paper, film and laminates for use by companies across the food and beverage industries.
Over recent months, the Company has faced liquidity challenges as a result of inflation in raw material costs, and the higher-than-expected costs of reconfiguring its factory in Folkestone to accommodate for a new printing machine. Consequently, the directors sought to undertake an exploration of sale, investment and refinance options. However, when a solvent solution could not be found, they took steps to appoint administrators.
Immediately following their appointment, the joint administrators sold the business and its assets to Aylesford-based Hovat Limited, the flexographic printing and packaging specialist. A total of 69 members of staff have transferred to the purchaser as part of the transaction.
Scott Rubin, director at Interpath Advisory who advised on the transaction, said: “Companies across the printing sector have been battling a number of headwinds, not least the rising costs of raw materials including enegy and paper. We are pleased to have been able to conclude this transaction which will enable the Company to continue to trade from its base in Folkestone, and wish everyone at the Company and Hovat all the very best for the future.”
The joint administrators at Interpath Advisory were advised by Shakespeare Martineau, while Hovat Limited was advised by Squire Patton Boggs.
