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.
An established, award-winning care home with nursing, that is located in a popular East Midlands town and has come to market for the first time so that our client can retire.
For sale a lucrative portfolio of residential care homes conveniently clustered in the Northwest of England, offering residential and dementia care.
A profitable care home with nursing located in an East Midlands town. Well-presented and extended accommodation with 57% of the ground floor bedrooms being ensuite.
03
|
May
|
Three Aberdeen legal firms merge to form all-service provider | MERGER
Three prominent Aberdeen legal businesses have merged to for...
03
|
May
|
BGF-backed asbestos services firm makes third acquisition | BUSINESS SALE
Environmental Essentials, a specialist asbestos services fir...
03
|
May
|
Logistics firm acquires pair of Derbyshire businesses | BUSINESS SALE
A logistics firm headquartered in Preston has acquired a pai...
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.