Camvac, a UK specialist film supplier for packaging, has appointed the administrators, the official record of the London Gazette has said.
Michael Denny and Jonathan Marston of Alvarez & Marsal Europe are the administrators.
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The company, which has annual sales of £22m ($27.21m), employs 120 people in Thetford, Norfolk, regional newspaper Eastern Daily Press reported.
The news of this administration follows three years after the company underwent a major expansion in response to the growing demand for food packaging products.
As part of this expansion, Camvac hired 15 more staff members and scaled up its production.
It reported a substantial loss of £1.3m in 2021.
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By GlobalDataHowever, the company’s directors said that the profitability of the business had “considerably improved” in the year ending 30 June 2022.
During that year, the company delivered a profit of £288,000 and its turnover was also up from £20m to £26m.
Its debts also grew from £9.4m in 2021 to £11.7m in 2022.
The company was quoted as saying: “There is confidence we can sustain positive profitability in 2023.”
Camvac supplies packaging materials such as transparent barrier films and laminates for food manufacturers.
Recently, the company opened its new thermal lamination line that added nearly 3,000 tonnes of additional capacity to its site at Thetford.
The metallised triplex thermal laminate range is used within the manufacture of bulk liquid packaging solutions.
In 2008, the company was acquired by private investor GIL.
