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Management Side
Tullis Russell in Administration
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Markinch, Glenrothes, UK 27 April 2015 -- In yet another blow to the UK paper industry, Tullis Russell Papermakers has fallen into administration, after racking up losses of £18.5m over five years, resulting in the immediate loss of 325 jobs.

Blair Nimmo and Tony Friar of KPMG were appointed joint administrators of Tullis Russell Papermakers Limited today at the request of the company's directors.

A total of 325 employees have been made redundant with immediate effect. The remaining 149 have been retained to complete work in progress.

In the year to 31 March 2014, the company sold 126,000 tonnes of paper and board. It recorded a turnover of £124.6m, but suffered a pre-tax loss of £3.4m. It has incurred cumulative losses of £18.5m over the past five years, largely as a result of weakening demand and pressure on its margins.

Tullis grades included Advocate, Mellotex, Naturalis and Trucard.

A statement released by the administrators today named the market's long-term decline as media and other outlets increasingly move online, leading to worldwide oversupply and price competition, as a major factor in the company's administration.

The employee-owned company was founded in 1809 and produces high-quality paper board for use in cards, covers and premium packaging.

 

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