Thu, 13 Oct 2011 | ADMINISTRATION
Pi Shurlok, the Cambridgeshire-based manufacturer of vehicle electronics, has entered administration, after its parent company said it was not prepared to put any more money into it.
The company, which is headquartered at Milton Hall in Ely Road, Milton, has had Maurice Moses and Craig Lewis from Ernst & Young appointed as joint administrators, who have launched an intensive search for a buyer for the business.
Mr Moses said that the company had suffered in the economic climate to a point where its South African parent company, Control Instruments Group, could no longer support it.
"The company continues to trade as a going concern and the administrators are actively seeking to sell the business and its assets," he said. "The administrators are reassured by the high level of interest shown to date."
Twelve employees were made redundant when the administrators were brought in, but 67 further employees have been retained to maintain the business's operations while a buyer is sought.
The company was founded in 1986 as Pi Research, establishing itself as a specialist in wind tunnel research and motor racing technology. It was bought by Ford in 1999, then sold to private investors in 2004, who in turn sold it to Control Instruments in 2006 for £6 million.
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