The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Scotland; Eastern Scotland; Clackmannanshire and Fife
Location of affected unit(s)
Markinch
Sector
Manufacturing Manufacture Of Wood And Paper Materials Manufacture Of Paper And Paper Products 17 - Manufacture of paper and paper products
325 - 474 jobs Number of planned job losses
Announcement Date
27 April 2015
Employment effect (start)
27 April 2015
Foreseen end date
Description
Paper manufacturer Tulliis Russell, based in Markinch Fife, entered administration. Administrators KPMG said that following unsuccessful efforts to sell the company 325 staff will be made redundant with immediate effect. The remaining 149 employees will be kept on to complete existing orders.
The manufacturer has been hit by rising costs of raw material and the insolvency of a major customer. European exports have also declined due to changes in the exchange rate between Sterling and the Euro. The company had incurred losses of 18.5 million GBP over the last five years and attempts to find a buyer for the business in autumn 2014 had proven unsuccessful.
Sources
27 April 2015: BBC Website
Citation
Eurofound (2015), Tullis Russell, Bankruptcy in United Kingdom, factsheet number 79425, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/79425.
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