Thu, 11 Oct 2012 | ADMINISTRATION
Schlegel Automotive Europe Ltd, a manufacturing firm based in Leicestershire, has entered administration.
The company manufactured car sealing systems for the automotive industry and had employed around 350 staff.
Schlegel was established in 1958 but it became unstable in recent years and problems with the business and its financial position resulted in a significant decline in trade and difficulties with cashflow.
Leicester restructuring firm Springfields has been appointed as administrator, with Situl Rauthatha taking charge. The administrator commented: "A detailed assessment is being carried out as to the viability of continuing to trade the business whilst a buyer is sought.
"The co-operation of employees, customers and suppliers will be key over the coming days. Regrettably, a significant number of redundancies have been necessary due in particular to the loss of volume which accounted for a substantial portion of the company's turnover. We are continuing the process of liaising with the trade unions and other stakeholders and are hopeful that a buyer can be found."
Specialist agent Edward Symmons has been instructed to assist the administrator, according to reports from Insider Media. Together, the administrators have been forced to make a number of redundancies but the chance of a sale could minimise future job cuts.
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