Mon, 20 Jan 2014 | ADMINISTRATION
Redirack, the company that created the first ever adjustable frame and beam pallet racking, has entered administration, with buyers sought.
Lyn Vardy and Toby Underwood of PwC were brought in on 15 January 2014 and soon after closed the business and made 87 employees redundant. The administrators are now seeking to sell the business and assets of the South Yorkshire-based company.
Redirack was one of the biggest manufacturers of racking products and mezzanine floors in Europe. It operated from a nine-acre site and 100,000 sq. ft. manufacturing plant and had yearly sales of £11 million. It started out in 1974 as part of the Interlake Corporation.
With difficult trading conditions affecting the business, it managed to win funding from the government’s RGF in 2012, with the hope that the cash injection would help it to get things moving again. In 2013 it also secured a business loan from Finance Yorkshire to assist the development of its products.
It took too long for the funds to made available, however, and the business could not continue trading.
“As a result the directors had no alternative other than to place the company into formal insolvency proceedings. Unfortunately, there are no funds to allow a trading period in the administration, and the majority of staff have been made redundant,” Mr Vardy told Insider Media.
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