Weil has advised FRP Advisory as administrators on the sale of U.K.-based Arjowiggins Fine Papers (AFP) and Arjowiggins Chartham to management for an undisclosed sum. The deal has also been supported by financial backing from Scottish Enterprise.
The companies have been trading in administration since January 2019 following insolvency proceedings against French parent companies Arjowiggins and Sequana.
More than 550 jobs have been saved across operations in Aberdeen, Kent and Basingstoke with all staff transferring to the new venture called Creative Paper Holdings. In Aberdeen, where 75% of employees are based, a Common Purpose Group was established by Jamie Hepburn MSP, Scottish Minister for Business, Fair Work and Skills, with a focus on securing a long-term future for the Stoneywood Mill.
Both the Stoneywood Mill in Aberdeen and Chartham Mill in Kent date back to the 1700s and pioneered the production of fine papers, which include a number of well-known brands used by clients worldwide.
The Weil team was led by Adam Plainer, Head of London Restructuring, and Linton Bloomberg, Of Counsel, with support from associates Fergus Kent, Jessica Carty and Laura Murray.