Thu, 27 Mar 2014 | ADMINISTRATION
Staffordshire copperworks Thomas Bolton Ltd has entered administration, leaving over 100 staff hanging in the balance.
Zolfo Cooper was drafted in to the Froghall-based business, which has been operating for 200 years, after it had suffered recent cash flow problems. The copperworks is still trading while the administrators look to sell it as a going concern.
Thomas Bolton began by making buckles back in the 19th century before moving on to electrical wires. The business is now one of the world’s leading electrical wire manufacturers, and has contributed to several huge projects including the first trans-Atlantic telephone cable and the power generator behind the 2008 Beijing Olympics.
The announcement of the current situation comes days after the court ordered Thomas Bolton to pay almost £30,000 in fines and costs after a serious accident.
Back in August 2012 a factory worker, aged 63, was struck on the head by a flying metal peg, and suffered ‘life-changing’ injuries as a result. The company was handed a £19,050 fine with additional costs of £10,361 after the HSE investigation.
This month an explosion rocked the Thomas Bolton factory; with neighbours saying it shook their homes.
Commenting on the sale proceedings, a Zolfo Cooper partner Graham Wild said: “We believe the company is an attractive proposition to a range of potential buyers given its expertise and excellent product range.
“We welcome expressions of interest from third parties to acquire the business as a going concern."
The company's most recent accounts, filed at an unknown date, show revenues of £10 million and total fixed assets of £565,000.
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