Chevler rescues Lovely Packaging
Food casing company Chevler has stepped in to buy Lovely Packaging, a subsidiary of the collapsed Cardiff-based print and packaging company HartleyWilprint.
Chevler of Hengoed, near Caerphilly, acquired the business after it was put into voluntary liquidation earlier this month. The deal is expected to save the jobs of all five employees.
Chevler managing director Stuart Whelan said: "This is an exciting move for us. Combining the new business with Chevler's customer base will allow us to substantially grow our greaseproof range of products and offer the market something genuinely new and highly appealing."
HartleyWilprint was formed in 2005 from a merger between Hartleys and Wilprint Group. It founded Lovely two years ago to make food wrappers for delicatessens, restaurants and bakers.
Last year, the company said it had led a £330,000 investment in Lovely, including a £130,000 loan from Tata subsidiary UK Steel Enterprise. However, HartleyWilprint appointed insolvency adviser Jones Giles after suffering a drop in sales.
Whelan said Chevler plans to keep the staff and production facilities at Lovely's 4,000 sq ft unit at Cardiff Bay Business Centre in Splott.
Advantage Accountancy & Advisory advised Chevler on the deal. The firm's corporate finance partner Mark Hislop said: "The acquisition is an excellent fit for Chevler as it continues to grow and will further enhance its range of innovative packaging products for the food sector."
Jones Giles was the administrator.
