Tue, 18 Jul 2017 | ADMINISTRATION
A company that supplies Ikea and Easyjet is set to enter administration, with 50 staff expected to be made redundant.
Coilcolor, a Newport-based producer of coloured steel panelling, was previously hit with a £3.7 million bill in November after a factory flood damaged machinery and halted work, BBC News has reported.
The firm’s managing director, Dean Proctor, said that an administrator would be appointed on Tuesday.
Proctor said: "I'll be talking to staff this morning and by the end of the day we'll be in administration.
"I spoke to them yesterday and they all know what's coming. It was a very viable business if we didn't have this flood."
One of two independent coil coating firms in the UK, Coilcolor produces panels in Ikea and Easyjet’s iconic blue and orange respectively, as well as products for B&Q, Costa and Porsche. The firm also contributed materials to Google’s new headquarters, built recently in Amsterdam.
Flooding in 2017 disrupted operations at Coilcolor’s Newport site for some time, which Proctor claims originated in land owned by the Welsh Government next to his business and despite him raising concerns about drainage in 2015.
Though the Welsh Government previously arranged for the beleaguered business to be given a £300,000 loan through Finance Wales to cover damages and staff wages, Coilcolor claim that not all of the money was released and criticised the loan’s interest rate of 11 per cent.
But the Welsh Government said it had not received any official claim from Coilcolor or its insurers.
Since then, Coilcolor’s bank overdraft was slashed, leaving the company struggling to pay bills and staff wages.
Jayne Bryant, the Welsh Assembly Member for Newport West, said: “I have spoken to the cabinet secretary about this and sought assurances that the Welsh Government will do everything within their power to support staff through this very difficult time."
Search the latest businesses in administration
This well-established company operates to NSI Gold standards, providing comprehensive security solutions including design, installation, and maintenance for systems such as intruder alarms, fire alarms, CCTV, and access control. With a strong supplie...
This well-established business offers a comprehensive range of residential services, from plumbing and heating to building maintenance, with a robust customer database and a reputation for excellence across major platforms. With trained heat pump ins...
This well-established independent garage, recognised as an RAC and AA-approved car servicing provider, presents a fantastic opportunity for large fleet operators looking to integrate a renowned maintenance and repair service with a diverse client bas...
19
|
Jun
|
Administrators appointed at Devon machine building firm | ADMINISTRATION
A machine building firm in Devon with a history dating back ...
19
|
Jun
|
Hull biomass facility acquired out of administration | BUSINESS SALE
An advanced biomass facility near Hull has been acquired aft...
19
|
Jun
|
Nationwide insurance group acquires Surrey-based firm | BUSINESS SALE
A nationwide insurance group has expanded its presence in th...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.