Thu, 30 Aug 2012 | ADMINISTRATION
Car parts firm Cobra has entered administration, with 18 staff to be made redundant.
The business, which manufactures car components and is based in Wrexham, is to be sold as a going concern, however. This should mean that the remaining 120 staff will be able to keep their jobs.
The business makes components for car companies including Audi, Bentley and Volvo and relocated from Powys eight months ago after landing a £12 million order from Vauxhall to supply new parts for its Astra models.
Kim Rayment, joint administrator from BDO, commented: “Unfortunately the economic climate and difficult trading conditions significantly affected the business.
"However, we are hopeful of securing a sale and the company will continue to trade whilst this is explored.”
A source told BBC Wales that the company is still looking a for a deal to rescue the business. “We were within touching distance of the winning post and everyone is devastated that this has happened,” the source added.
The Welsh government has expressed confidence in the future of Cobra, noting that officials have offered support to the business in order to protect local jobs and keep things ticking over if possible.
An established, award-winning care home with nursing, that is located in a popular East Midlands town and has come to market for the first time so that our client can retire.
For sale a lucrative portfolio of residential care homes conveniently clustered in the Northwest of England, offering residential and dementia care.
A profitable care home with nursing located in an East Midlands town. Well-presented and extended accommodation with 57% of the ground floor bedrooms being ensuite.
03
|
May
|
Three Aberdeen legal firms merge to form all-service provider | MERGER
Three prominent Aberdeen legal businesses have merged to for...
03
|
May
|
BGF-backed asbestos services firm makes third acquisition | BUSINESS SALE
Environmental Essentials, a specialist asbestos services fir...
03
|
May
|
Logistics firm acquires pair of Derbyshire businesses | BUSINESS SALE
A logistics firm headquartered in Preston has acquired a pai...
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.