6 February 2007 – Administrator Baker Tilley is shutting the PVC plant of Storeys Industrial Products in Brantham, Essex, UK.
Appointed on 30 January and making 80 employees redundant the same day, Baker Tilley had stated initially that it hoped to find a buyer for large parts of the business. By 2 February it had decided that, “there is little prospect of saving the business and moves are now in place to conduct an orderly shutdown”.
A further 54 staff were made redundant on 2 February, leaving around 25 in employment currently.
Storeys Industrial Products produced flexible and rigid PVC sheet for industrial applications, principally cladding, under well known trade names such as Darvic and Vybak.
Baker Tilley said the business faced weakening profitability and insurmountable debt problems.
Storeys Industrial Products is owned by the private venture capitalist Alchemy Partners. Alchemy acquired the business in 1999 as part of its takeover of the industrial conglomerate Wardle Storeys. Subsequently named the Technical Products Division it was separated away from what is now the Wardle Storeys Group in March 2002.
