Fri, 27 Dec 2013 | ADMINISTRATION
Aigis Blast Protection, a company that worked to protect people and buildings from bomb blasts, has been placed into administration.
The Derby-based business is in the care of Phil Armstrong and Philip Watkins of FRP Advisory, who attempted to sell it as a going concern before making moves to close the business down. All five employees have been rendered jobless.
The redundancies were made before Aigis entered administration, the Derby Telegraph says. Aigis’ debts added up to over £1 million, and the firm had been unable to secure the additional funds needed to stay afloat from its investors.
A patent on a material called TABRE, which stands for technology for attenuating blast-related energy, is one of the assets for sale out of the winding-down. Aigis used TABRE in anti-mine boots to help reduce injuries to those working to clear the minefields. The firm had business plans to incorporate this material into other products such as bomb-containment units for airports, armour plating for cars, and transportation containers for explosives makers.
A spokesman for FRP Advisory commented: “The administrators are in the process of realising the residual assets in accordance with their duties.
“Efforts had been made to sell the business as a going concern,” he told the Derby Telegraph.
Set up in the 1990s, the firm’s name was inspired by the mythical shield used by Greek gods Zeus and Athena – Aigis.
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