Fri, 07 Aug 2020 | ADMINISTRATION
Wire manufacturer Wrexham Wire has fallen into administration, citing the impact of a weak global economy, political uncertainty and COVID-19 on investment. Anthony Collier and Ben Woolrych of advisory firm FRP have been appointed as joint administrators.
The company, which operates from North Wales’ Wrexham Industrial Estate, had been closed since August 3 as part of an annual shutdown for maintenance and will now not reopen. The majority of Wrexham Wire’s 88 employees have been made redundant, with seven retained to support the company’s winding down.
FRP’s Anthony Collier said: "Wrexham Wire, like many of Britain’s industrial businesses, has faced a catalogue of challenges in recent months as it contended with a weakening global economy, political uncertainty and the disruption of the pandemic.”
"These factors have also dampened the supply of much needed investment, without which the business could not continue to trade sustainably."
Unite regional officer Dave Griffiths stated that the union had spoken to the administrators to explore the potential for Wrexham Wire to be purchased out of administration.
The company previously fell into administration in 2015, when it traded as Caparo Wire, at which time it was acquired by London-based RCapital.
Wrexham Wire’s most recent available accounts were made up to the year ending December 31 2018. For that period, the company reported turnover of £17.1 million, up from £14.6 million in 2017, and gross profit of £4.8 million, up from £3.9 million a year earlier. Its losses for the financial year stood at around £1.08 million, down from £1.7 million in 2017.
At the time, the company’s fixed assets were valued at £2.5 million, with current assets at £4.08 million and net assets at £1.19 million.
The company designs, manufactures and supplies a standard range of mass-produced components, including ACDC converters, transformers, audio / telecoms equipment and power supplies. In addition, it is able to fulfil bespoke design enquiries and pro...
LEASEHOLD
Manufactures timber-framed doors and windows for summer houses, log cabins and garden rooms, offering a range of attractive styles made from high-quality materials. Operates nationally, catering to 35 clients in the garden building trade, many of who...
LEASEHOLD
The company supplies textile speciality chemicals, industrial colourants for multiple industry sectors and other auxiliary chemicals. Priding itself on its exceptional products, the company operates internationally, benefitting from a wide-ranging an...
LEASEHOLD
30
|
Jan
|
Bakery manufacturer acquired at 6.3x underlying earnings | BUSINESS SALE
Bakery firm Lees Foods has been acquired by listed bakery bu...
30
|
Jan
|
“Unique” intellectual property for sale as disability equipment firm enters by liquidation | ADMINISTRATION
The assets and intellectual property of disability equipment...
27
|
Jan
|
Administrators to sell assets as office furniture maker collapses | ADMINISTRATION
Bluespot Furniture, a West Yorkshire-based furniture manufac...
Sign up to receive our acquisition alert emails to get your FREE guide
07
|
Oct
|
Cleveland Bridge assets to go to auction next month | COMMERCIAL PROPERTY
It has been confirmed that an auction of the property and as...
10
|
Sep
|
Cleveland Bridge property and assets to head to auction as search for a buyer fails | ADMINISTRATION
Administrators for structural engineering firm Cleveland Bri...
08
|
Sep
|
Assets for sale as Scottish wind turbine firm enters administration | ADMINISTRATION
Scottish wind turbine manufacturer CS Wind (UK) has fallen i...
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