Samuel Jones goes into administration

A worsening trading climate and intense competition in the laminate supply industry have combined to push the Samuel Jones Panoval (SJP) business in the UK into administration. The company employs some 220 staff and last year had a turnover of approximately 40 million.

A statement put out by the company blamed competitive market conditions, the strength of sterling and a tightening of credit terms. 39 members of staff have been made redundant.

Administrator Kroll Buchler Phillips is aiming to sell the business as a going concern and will be advertising it immediately. KBP is ‘hopeful’ it can achieve a sale ‘which would provide a future for the business and its remaining employees.’

The wider SJP Group, owned by the Rutland Trust, is a producer of self-adhesive and related products for labelling applications, complemented by converting and printing operations. Other group operating companies including SJP (Suisse) - formerly Panoval - based in Switzerland , Wasch, acquired in July 1999 and based in Germany, and Hovat, based in Kent, UK, are not affected by the administration order.

Rutland Trust director Mike Harris comments ‘SJP (UK) has been a loss making operation for some time, while the Swiss SJP business is much more stable. We want to stress to the market that the administration will not affect the other Group companies.’