560 Jobs Saved at Cosmetics Manufacturer
Allan Graham, Joff Pope and Myles Halley of KPMG have been appointed joint administrators to cosmetics manufacturer Creative Outsourcing Solutions International Limited.
Allan Graham, Joff Pope and Myles Halley of KPMG have been appointed joint administrators to cosmetics manufacturer Creative Outsourcing Solutions International Limited.
The £70 million turnover company, which manufactures colour cosmetics and personal care products, operates from sites in Maesteg in South Wales and Littlehampton, West Sussex.
Following their appointment, the administrators have achieved a sale of the Maesteg plant to Budelpack, a leading European provider of contract manufacturing, contract packing and supply chain services to the consumer goods market. The sale has preserved c560 jobs.
The site at Littlehampton will continue to trade in administration as its operations are wound down. Administrators were not able to secure a buyer for this plant which presently employs c180 people.
Joint administrator, [Allan Graham/Joff Pope] of KPMG, said:
"We are pleased to have achieved a sale of the Maesteg-based part of the business, particularly as this area of South Wales has suffered due to the announcement of job losses at other businesses recently.”
Chris Moerkerken, CEO Budelpack International:
"The acquisition of COSi is strategically interesting to Budelpack as it will enhance our product and service portfolio, strengthen our position in the personal care market, and add new strategic relations. The acquisition provides us with UK-based personal care activities and places the Group in the forefront of the consolidation trend in FMCG operations in Europe. Budelpack believes this acquisition can provide COSi a new solid basis for renewed profitable growth and the development of their market position.”
KPMG News 13 November 2007
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Further information:
Rachael Halliday, KPMG Corporate Communications
Tel: 0117 9054373
Mo: 07747 102909
Email: rachael.halliday.co.uk
KPMG Press Office: 0207 694 8773
About KPMG:
KPMG is the global network of professional services firms who provide audit, tax and advisory services. KPMG LLP operates from 22 offices across the UK with over 10,000 partners and staff. KPMG in the UK recorded a turnover of £1.45 billion in the year ended September 2006. KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.
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