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.
A well established premium eyewear designer and manufacturer operating throughout the UK and overseas.
Kent based well established, profitable, and highly respected steelwork fabrication and erection business on the market for an industry acquirer.
This is a well-respected business in the UK’s resin sector. Environmentally conscious products for commercial, industrial and domestic use.
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
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.