Styropack has been newly incorporated as a new company that is jointly-owned by Chairman John Colley, Managing Director Richard Lee and Financial Director, John Cooper with a new investment partner, BEWiSynbra, a leading manufacturer of expandable polystyrene in Europe.
This re-structure follows a difficult lockdown period which led to a pre-pack administration process being activated, as Managing Director Richard Lee, explains: “We had an exceptionally strong start to 2020 but the halt-to-business during the lockdown was a tough challenge for Styropack and the Board of Directors reluctantly took the decision to enter a pre-pack administration process.
“As a result of this process and thanks to the outstanding efforts of my fellow Directors I am really delighted that we have been able to partner with BEWiSynbra to buy the old business and to create a new company that will continue trading as Styropack.”
BEWiSynbra is a leading manufacturer of expandable polystyrene (EPS) in Europe, it is well-known for its focus on sustainability and for leading change with its closed loop strategy. This new investment in Styropack guarantees a secure, sustainable supply chain to all Styropack customers with the additional benefit of access to the most innovative EPS supplier in Europe.
BEWiSynbra Board Member, Rik Dobbeleare, is a non-executive Director of Styropack, he represents BEWiSynbra on the Styropack Board and will be contributing his outstanding expertise and experience of the EPS market, he comments: “BEWiSynbra is very pleased to have this opportunity to invest in Styropack, although it has arisen out of unfortunate circumstances, the fit between our two businesses is a good one with many positive synergies and similarities of outlook.
“I look forward to working with the excellent Styropack team to build a new market-leading business in the UK.”