Hemcore is sold
THE company behind the world's largest hemp processing factory has been sold and ten jobs saved after it went into administration earlier this year. Administrators Grant Thornton said the business and assets of Halesworth-based Hemcore Limited have been sold to Lime Technology for an undisclosed sum, protecting all current jobs.
THE company behind the world's largest hemp processing factory has been sold and ten jobs saved after it went into administration earlier this year.
Administrators Grant Thornton said the business and assets of Halesworth-based Hemcore Limited have been sold to Lime Technology for an undisclosed sum, protecting all current jobs. The business will continue in the same trade, under the name of Hemp Technology Ltd.
The news was welcomed by local people who described the �4m factory at the Halesworth Business Centre in Norwich Road as an asset to the town.
Halesworth town council vice chairman James Wagner said: “We like to think that business in Halesworth is stable and to have an asset like this staying alive is fantastic, not just for the people who work there but also for the town itself. Councillors will be delighted by this news.”
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Hemcore's current product portfolio includes building materials and insulation solutions for the construction industry and for use in the manufacture of motor vehicles.
Both these sectors have been damaged by the recession and, as a result, Hemcore entered administration on April 8.
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Lime Technology is an advocate of bringing lime into the 21st century and is committed to creating a sustainable built environment.
By combining modern technology with long established and traditional lime-based building products, Lime Technology has grown into a significant and successful organisation.
Ian Carr, a partner at Grant Thornton, said: “We are delighted to have found a buyer for Hemcore and, therefore, protect the existing jobs.
“There is a natural fit between Lime Technology and Hemcore and so the acquisition makes good strategic sense.
“Hemcore has a great deal of potential; opportunities exist for the current product range in new markets and additional products and technologies can be developed and brought to market.
“Members of the team at Lime Technology have worked with Hemcore in the past and so understand its potential. I look forward to the company capitalising on the opportunities ahead of it and so establish a long term future.”
Hemcore employs ten people, six in the factory and four in sales, marketing and administration.
The Halesworth factory opened last year after the company relocated from Hertfordshire. It took two years to plan and develop the premises, which processes locally grown hemp and uses it to make building material insulation, car door panels, fuel and pet bedding. The building material, which is called Hemcrete mixes hemp with lime.