Parkside International’s subsidiary Parkside Performance Films based at Darton, Yorkshire, has been placed into administration and its operations are now being managed by administrators Price Waterhouse Coopers.
‘Whilst I am disappointed by this decision, I am certain that it is in the best interests of the Group going forward,’ said Geoffrey Stewart, Chief Executive of Parkside International.
Parkside concentrated on seeking to turn-around the Performance Films business since its acquisition from BP in May 2002, but that this placed significant demands on resources, and was a distraction from the focus of the group.
Despite multi-million pound investment in equipment, the company claims that performance did not improve at the plant, in the face of a failure to agree the necessary changes to working practices, excessive site costs and escalating raw materials prices.
The 400 employees at the company’s other businesses – Parkside Flexibles, Normanton, and Parkside Flexibles, Zlotow, Poland – will not be affected by the move.
