Argowiggins Fine Papers Limited, which has produced fine and custom-made papers from the Stoneywood Mill in Aberdeen since 1770, has been placed in administration with Iain Fraser, Tom MacLennan and Geoff Rowley, partners at specialist advisory firm FRP Advisory LLP, appointed Joint Administrators.
A number of other Arjowiggins’ UK businesses, including the Chartham Mill in Kent, have also been placed in administration. There are no immediate plans for redundancies in any of the UK businesses but the position will continue to be assessed.
The UK companies are part of the Creative Papers division within Sequana, a listed French manufacturer and distributor of paper, packaging and print solutions. The administrations of the UK businesses follow a petition on 8th January by Sequana to begin receivership proceedings for Arjowiggins’ French subsidiaries.
Arjowiggins Fine Papers Limited has a turnover of £120m and employs around 500 staff. The joint administrators will continue trading all the businesses whilst seeking a buyer and are urging interested parties to make contact as soon as possible.
Joint administrator Iain Fraser, partner with FRP Advisory said: “The Stoneywood Mill in Aberdeen has a long tradition and reputation for producing fine and creative papers of the very highest quality for a global customer base. Unfortunately, the business has been severely affected by rising costs and difficulttrading conditions, and the insolvency proceedings begun in France left the directors no option but to place the UK companies in administration. We will continue to trade the business whilst exploring all options for securing a future for the site.”
Arjowiggins’ UK companies that have entered administration are:
Arjowiggins Fine Papers Limited, Aberdeen and Basingstoke
Aberdeen (Stoneywood) – 489 staff