A Telford-based packing business is facing an uncertain future, as it works to bring in additional investment to secure the company.
Sirane posted a notice of intention (NOI) to appoint administrators yesterday (July 10) and has enlisted advisors at Interpath to help move the firm forward.
In its last accounts in 2022, Sirane employed 380 staff and reported a decrease in turnover, dropping from £38.5m in 2021 to £29.7m.
A spokesperson for Sirane Group said: “Over recent weeks, we have been working with our advisors and stakeholders to bring additional investment into the business which will put in place a stable financial platform upon which the business can move forward. To help us do this, we have taken legal steps to protect the position of the business while discussions with potential investors continue.”
Sirane is an NPD (New Product Development) company in product and process development with manufacturing capabilities.
It operates across four main divisions: food packaging, medical & healthcare, lab supplies & services, and horticulture. Its product offerings are concentrated in three core areas: absorbency, board, and flexible materials.