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.
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