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UK - NJD Capital backs buyout of HFW Plastics from administration

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Listed venture investor NJD Capital has backed the buyout of HFW Plastics from KPMG adminstrators in a deal believed to be worth over £350,000. The deal will see the formation of a new company called Thermopak.

NJD has invested £21,000 in exchange for a 6.3% stake in the newco, alongside management. NJD has also lent the company £29,000 at a rate of 8% per annum, repayable over three years.

Gateshead-based HFW went into adminstration in August, after losing a major contract, which further deteriorated its financial position. 19 staff were made redundant in early August, but the sale of the company has saved the jobs of 64 people in the North East. The company makes 'thermoformed' trays for fresh food, which can be found on the shelves of supermarkets including Tesco, Sainsbury's, Morrisons and Asda.

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