The move followed an internal enquiry at the company which found that the business had accumulated substantial losses since accounts were last filed in June 2016.

Established in 1973, Plasticon has a £9m turnover and is part of the global Plasticon Composites Group. It specialises in custom-made, corrosion-resistant storage vessels and processing equipment for a range of industries that handle or process chemicals and corrosive gases.

Andrew Mackenzie, joint administrator and Begbies Traynor partner, said the administrators are currently investigating the extent and the cause of the financial losses suffered by the business.

‘The business is highly specialised and has a strong reputation for innovation in the composites field. We are confident that a buyer can be found for Plasticon UK and have already had several enquiries,’ Mackenzie said.

As well as a significant volume of work in progress, Plasticon UK also owns a state-of-the-art manufacturing facility, along with stock, an order book and intellectual property rights to a wide range of industrial products

Report by Pat Sweet