Fri, 24 May 2013 | ADMINISTRATION
Administrators are on the hunt for a buyer for Industrial Anti-Corrosives Ltd, which trades as IAC Plastics.
Kerry Bailey and Jon Newell of BDO have been drafted in to the business and are enabling it to continue trading while a buyer is found.
Located in Burnley, Lancashire, IAC Plastics makes engineering plastics and parts, as well as the Corromide brand of cast nylon products including rods, tubes, sheets and custom castings. The firm reached its 35th year last November.
Its 39 staff have, so far, been kept on though some losses may occur as the administration process continues.
Ms Bailey commented in a statement: “Unfortunately the economic climate and difficult trading conditions have significantly affected the business. Though the company has a good customer base, in recent months it has not been possible to generate the necessary volume to make the business viable.
“However, the business has a sound reputation and strong order book. Our objective is to sell the company as a gong concern and it will continue to trade whilst the options are explored.”
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