Years of losses by Mondi's German parent led to a failed attempt by owner Investcorp to turn the business around. Recent unaudited balance sheet entries for the parent group reveal about £3m of debt, but the UK branches have also accrued a further £1.7m of losses up to the year-end of April 1999. Administrators Nicholas Hood and Vivian Bairstow are working with the group to trade out of the current position and protect the future of its 72 staff. Bairstow said: 'My job is to maximise the realisation of the assets, which include stock and 13 retail locations. I have already advertised the business for sale and we have had several replies.' He said Mondi UK would appeal to someone not yet in retail, or someone looking for a springboard into the UK market.
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