Mon, 19 Nov 2012 | BUSINESS SALE
Gabriel & Co, an independent alloy steel foundry business in administration, is seeking a buyer to rescue the historic firm.
PKF have been appointed as administrators for the firm. The accountancy team has already made a quarter of the manufacturer's 30 employees redundant in an attempt to cut costs. However, they are now seeking a buyer to take the company forward.
A spokesman from PKF told Insider Media that the administration came about as a result of the costs linked with moving the business from its historic location in Birmingham city centre to a larger premises in Smethwick, including an investment in a new £500,000 foundry.
The spokesman said: "PKF is working with the management to identify interested parties [to buy the business] and is encouraged with the interest shown to date.
"In the meantime we are continuing to trade the business with the assistance of the management and staff, as well as the company's loyal customer base.”
The company had been in existence at its former location for 126 years after Peter Gabriel founded a small brass foundry in AB Row. By its centenary in 1984 it had amassed a workforce of 200 as business became increasingly strong.
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