Thu, 17 Dec 2015 | ADMINISTRATION
Industrial Acoustics Company Ltd (IAC), a business based in Hampshire, has entered administration, with the team unable to find a buyer to take the company on in its current form.
The business supplied noise control products but saw its trading hit hard by struggles with margins and costs as well as industry shifts within IAC's client base.
FTI Consulting have been appointed as administrators of the business and are now in the process of winding things down. The majority of the company's 111 employees will be made redundant on 23 December, with just 10 kept on to help wind things down at the Winchester site.
A spokesman for FTI told The Daily Echo: “Trading was impacted by a number of factors such as rising costs and falling margins. Most recently the group undertook to move the US manufacturing facility which adversely impacted on sales and efficiency.”
He added that the drop in oil and gas prices has meant that exploration companies have reduced their expenditure on drilling and production, which in turn has reduced the workload for IAC.
The chief executive of the Hampshire Chamber of Commerce added that the news has come as a “serious blow to employment in Winchester”, and noted that he still holds hope “a potential buyer can be found for the future to continue with this work”.
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