Tue, 02 Apr 2013 | ADMINISTRATION
Metalrax is preparing to enter administration after failing to get through a particularly difficult period of trading.
The niche supplier of consumer durable products and specialist engineering company announced this morning (Tuesday, 2 April) that it is to suspend trading of securities on AIM.
A statement from the company suggested that the firm never quite recovered from the loss of a major contract in the summer of last year, making things particularly difficult for the company's consumer durables division, where results have been “materially below expectations”.
KPMG was appointed to help conduct a review of the available options and the sale of the group's assets or even some of its companies was on the cards. However, the situation has since deteriorated and the group is now experiencing “significantly worsening working capital” and no financing has been found to keep the company trading.
“It has therefore become evident that the only course of action available for the board is to place Metalrax and certain of its subsidiaries into administration,” a statement from the group read.
Will Wright and Mark Orton of KPMG are set to be appointed as joint administrators of the business.
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