CP Realisations (2019) Limited, formerly Charapak Packaging Limited, has been sold out of administration to to CBS Packaging Limited.
Sarah Bell and Steven Muncaster, both of Duff & Phelps Ltd., were appointed Joint Administrators of Derbyshire-based packaging firm CP Realisations (2019) Limited on 28 January 2019.
The Company was incorporated in January 2017 and in February of that year it acquired the business and assets of Charapak Limited, which was subsequently dissolved in June 2018, while retaining the trading name.
Established in 1980, Charapak was an independent manufacturer of speciality-corrugated packaging, providing packaging solutions for some of the world’s most instantly recognisable brands.
Sarah Bell, Joint Administrator, stated: “Following the incorporation of the Company and subsequent acquisition in early 2017, the Company traded well, but in 2018 it lost two major clients which had an immediate impact on cash flow.
“On appointment we took the decision not to trade the business given the lack of working capital, and the costs of trading would outweigh the benefits of doing so. As a result certain assets of the Company were sold to CBS Packaging Limited on the Appointment Date including finished goods, work in progress and raw materials and intellectual property including the website, customer database and Company name,” Sarah Bell continued.
The Joint Administrators have also sold encumbered and unencumbered plant, machinery and vehicles to Maltby Forman Limited on 4 February 2019.