Tue, 25 Dec 2018 | ADMINISTRATION
Kaiam Europe Limited (KEL) and Kaiam UK Limited (KUL), a computer factory based in Livingston, West Lothian, has entered administration due to a series of financial struggles.
Administrators from KPMG were appointed over the weekend, with partners Blair Nimmo and Alistair McAlinden looking to explore the possible sale of the business.
Nimmo, who is also the global head of insolvency at KPMG, said: "KEL has faced challenging trading conditions, which caused the business to experience acute cash flow pressure. Despite the action of the directors to try to increase sales and attract new investment, the business entered administration.
"We are exploring a sale of the business and are working with Scottish Enterprise, Skills Development Scotland and West Lothian Council to provide a full range of support to the company's employees as this process takes place. We would encourage any interested parties to contact us as soon as possible."
KEL and KUL are subsidiaries of Kaiam Corporation, an American organisation established in 1998 which manufactures computer parts to support rapid data-transfer between numerous servers at data centres. As they are part of the European operations, their administrations do not affect the US arm of the company.
In 2014, Kaiam was gifted a £850,000 grant from the Scottish Enterprise to assist with the relocation of some of its production from China to Scotland.
However, Livingston MP Hannah Bardell said it was a "terrible shame" that the business did not enlist the public's help before descending into cash flow issues.
She said: "They have £4 million on their order book so there's work there to be done but at the moment they can't pay their bills.
"We have to do everything we can to help but we need the executive team and the chief executive, in particular, to engage with us positively so we can do all we can to help."
For more news stories about administrations click here. For all our administrations listings, click here.
This is a very exciting high end opportunity with many different income streams from phone, computer, tablet sales and repairs. The business has been trading for 8 years and enjoys a substantial turnover which is derived from shop sales selling phone...
LEASEHOLD
Provides a range of managed services including consultancy, user and infrastructure assurance, monitoring, analysis and information security. Focuses on delivering IT and Information Security Managed Services to SMEs. Offers invited.
LEASEHOLD
Services cover IT support, communications, cloud services and security. All clients benefit from a dedicated Accounts Manager. Works with circa 120 active clients, all of whom provide reliable, repeat business. Offers invited.
LEASEHOLD
|
15
|
|
Nov
|
Carpetright agrees to shareholder takeover deal | BUSINESS SALE
Carpetright has agreed a deal to be taken over by its larges...
|
14
|
|
Nov
|
Scale manufacturer taken over in MBO | MBO/MBI
Weighing scale manufacturer Marsden Weighing Group has been ...
|
13
|
|
Nov
|
Brighton energy firm appoints administrators | ADMINISTRATION
Brighton-based utilities company Toto Energy has gone into a...
Sign up to receive our acquisition alert emails to get your FREE guide
|
04
|
|
Sep
|
Lowry Hotel sold to Westmount Hospitality Group | COMMERCIAL PROPERTY
The five-star Lowry Hotel in Manchester has changed hands in...
|
19
|
|
Jun
|
Construction company enters administration | ADMINISTRATION
Mel Davison Construction has entered administration after ti...
|
11
|
|
May
|
The Christmas Magazine sold to Kelsey | BUSINESS SALE
Kelsey has bought The Christmas Magazine from Signature Publ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources