Allan Graham and Rob Croxen from KPMG have been appointed as administrators to Aylesford Newsprint Limited on Tuesday 24 February 2015.
Upon appointment of the administrators, the production facility was closed and 233 employees made redundant, KPMG explained in a press release. The remaining 65 staff have been retained to assist the administrators in the sale of the assets and the decommissioning of the plant. The company employed nearly 300 people and recorded a turnover of £139m in 2013.
Allan Graham at KPMG, said: “Significant overcapacity in the newsprint market, coupled with rise of digital media, has created challenging operating conditions for Aylesford Newsprint. The business has been loss-making for a number of years and was unable to be maintained as a going concern. We are on site and will be working closely with the Redundancy Payments Office to support the staff impacted by the administration.”