PKF Smith Cooper hopeful of quick Surepak sale

Nottinghamshire-based firm Surepak has entered administration after growing overheads. Administrators from PKF Smith Cooper are hopeful that a sale of flexible packaging manufacturer can be achieved, after receiving overwhelming interest in the business.

Founded in 1991, Surepak has been trading for over 30 years, and counts major UK chains among its clients over the years – including M&S, Waitrose, Co-op, Tesco, Aldi and Lidl. However, spiralling overheads – including a 425% hike in its electricity bill – cut into its cashflow.

The growing costs coincided with a reduction in the firm’s turnover by £1 million – after a change in packaging requirements and a relocation abroad. This led to Surepak being served a winding up petition by creditor Flint Ink on 3 January, with the creditors’ meeting due to be heard in mid-February.

Ahead of that meeting, Surepak’s leadership decided to place the firm into administration. Dean Anthony Nelson and Nicholas Charles Osborn Lee of PKF Smith Cooper were appointed administrators to act as agents of the company and without personal liability.

Administrators now seek a buyer “as a matter of urgency”. However, they have good expectations of being able to deliver such a deal, having subsequently received considerable interest in the business as a going concern, and a deadline for receipt of offers has been set for the end of February 2024.   

Speaking on Surepak’s outlook, Nelson – who is head of business recovery and insolvency at PKF Smith Cooper – commented, “Since my appointment last week, we have had a great response from interested parties. Over the next few weeks, we will continue to work hard to assess this interest and I am very optimistic that we will secure a future for Surepak Limited and its employees. I am very grateful to the company’s loyal customers, suppliers and employees for their commitment at this difficult time.”

PKF Smith Cooper is the home of PKF in the UK’s Midlands region. PKF International is a global network of firms. The network's 224 independent member firms operate under the PKF brand in 150 countries, and with 20,000 professionals. The network was listed in Consultancy.uk’s 2023 Top Consulting Firms ranking – with platinum ratings in SME and family business services in particular.