Tuesday, August 16, 2011

BRITISH MODULAR FACTORY IN TROUBLE

Two hundred workers at Britspace Modular, an East Yorkshire, England building manufacturer were sent home on Monday after the company called in administrators.
Production area at Britspace in England
Staff at Britspace in Gilberdyke will hear options for the plant's future at a meeting later. The administrators said no redundancies had yet been made and that they hoped to find a buyer for the firm. The company went into administration.
Administration, as a legal concept, is a procedure under the insolvency laws of a number of common law jurisdictions. It functions as a rescue mechanism for insolvent companies and allows them to carry on running their business. The process – an alternative to liquidation – is often known as going into administration.

The company supplies the building industry with pre-made, modular structures.

One of the administrators, David Thornhill, said: "The company has suffered significant cash-flow difficulties over the last few months and, despite receiving significant orders, has been unable to fulfill all customer requirements.

"To protect the business, Britspace has entered administration; currently no redundancies have been made and it continues to trade as a going concern.

"We are working hard with Britspace's management team to find a buyer for the business, and are hopeful that it will attract a number of interested parties."

1 comment:

William said...

Coach, as you are probably aware - but I post it for other readers who may not know - ADMINISTRATION is similar to our Chapter 11 bankruptcy.
Hate to see this with Britspace as with any other modular company.