More than 100 jobs were saved after a County Durham dairy packaging business was bought out of administration.
Administrators were called in last months to iTEC Packaging, which has operations in both Chester-le-Street and Mansfield, employing more than 200 people across the two bases, which makes packaging for major food manufacturers and distributors across the UK and Europe. Latest accounts from iTEC Packaging (Chester-Le-Street) Limited, covering 2021, show how the business was significantly impacted by the pandemic – and was then excluded from a major group deal.
The accounts for iTEC Packaging – previously called Paccor UK Limited – covering 2021 show how its losses widened from £2.9m to £7.4m as the pandemic continued to have a significant impact on activity levels. The accounts also detail how shareholder Lindsay Goldberg had signed an agreement to sell Paccor Group in a major deal to Danish group Faerch, but that the UK business was not part of the deal.
