Plasticon UK Limited, a Hull-based manufacturer of storage tanks and industrial piping has gone into administration after suffering financial difficulties.
Established in 1973, £9m turnover Plasticon is based at Sutton Fields Industrial Estate in Hull. The business, which is part of the global Plasticon Composites Group, specialises in custom-made, corrosion-resistant storage vessels and processing equipment for a range of industries that handle or process chemicals and corrosive gases.
Andrew Mackenzie, Julian Pitts and Gary Lee of Begbies Traynor were appointed as joint administrators on 29 March after an internal enquiry found that the business had accumulated substantial losses since accounts were last filed in June 2016.
Mr Mackenzie said: “The business is highly specialised and has a strong reputation for innovation in the composites field. We are confident that a buyer can be found for Plasticon UK and have already had several enquiries.”
He added: “The administrators are currently investigating the extent and the cause of the financial losses suffered by the business.”
As well as a significant volume of work in progress, Plasticon UK also owns a state-of-the-art manufacturing facility, along with stock, an order book and intellectual property rights to a wide range of industrial products.
Following graduation from the University of Hull, Julian qualified as a Chartered Accountant with Coopers & Lybrand in Leeds. After a short time with Baker Tilly, in 1989, together with David Wilson, he established Wilson Pitts, a specialist independent practice dealing with all aspects of insolvency and corporate recovery work. In 2006, the Wilson Pitts practice was acquired by Begbies Traynor where Julian is now the Joint Regional Managing Partner for the North-East region.