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.
An opportunity exists to purchase the business and assets of a Waste Metal Refining Business operating in the north of England. The business has an established heritage and provides recovery, refining and disposal of waste materials which hold preci...
This business was founded in 1965 and has built up a wealth of reputation across a large and loyal customer base, serving customer here in the UK and internationally.
Offering one-stop design-to-installation and maintenance service of creative high impact signage for all applications.
28
|
Mar
|
NI pharmacy group acquires third site | BUSINESS SALE
A family-run community pharmacy group has expanded with the ...
28
|
Mar
|
Vehicle upcycling group falls into administration | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling...
28
|
Mar
|
Food service business acquired at more than 10x profits | BUSINESS SALE
Total Foodservice, a wholesale catering supplies business, h...
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.