Thu, 31 Mar 2011 | ADMINISTRATION
A buyer is being sought for British industrial fridge manufacturer, Blighline, after news emerged that it fell into administration last week.
The company, which is based in Canterbury, saw Deloitte appointed as it administrators, after it amassed debts thought to be in the region of £6 million. The fridge company's management said they had been left with absolutely no alternative, having been badly affected by "deteriorating trading conditions and severe liquidity problems".
Deloitte insolvency partner, Carlton Siddle, said that his firm had listed the refrigeration business for sale and had embarked on a search for a buyer. He said they were confident that a purchaser could be found.
"We will continue to trade the business whilst seeking a sale as a going concern," he said. "The administration team will work closely with management, customers and suppliers during this time to ensure operations continue as normal."
Blighline had built a £25 million annual turnover business through manufacturing of refrigeration and display equipment for industrial and professional use.
The company had attempted a major restructuring in 2010, reducing the number of employees from 200 to 120. Their primary customer, supermarket giant, Tesco, had been fully supportive of their efforts, although the restructuring has ultimately failed to help them avoid administration.
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