A total of 325 employees lost their jobs last month after the business collapsed and administrators from KMPG said yesterday that a further 21 had been made redundant. There are 128 staff left at the plant in Markinch where operations are now being wound down with a view to selling the assets.
Some 200 parties have been contacted by KPMG in a bid to sell the employee-owned business but no offers had been received by the deadline of Monday. Blair Nimmo, joint administrator, said the level of interest shown in the business had been “disappointing”.
“The business continues to face considerable economic challenges as a result of weakening global demand for printed materials, rising raw material costs and the strengthening of sterling against the euro.
“We will now be working with the company’s remaining employees to continue to wind down operations and focus on realising the company’s assets. Unfortunately that will mean further redundancies but we will continue to work with government agencies to offer support to those affected.”
Before the group entered administration, Tullis Russell Papermakers had been widely marketed for sale with 64 parties worldwide approached,
Following their appointment, the joint administrators contacted the potential buyers again to establish whether they wished to acquire the business and assets, but no interest was forthcoming.
While some work at the plant has continued to meet outstanding orders, operations are now being wound down.