Tue, 11 Jun 2019 | ADMINISTRATION
A radiator manufacturer headquartered in Newport, South Wales has collapsed into administration after failing to secure a new buyer to preserve jobs.
Quinn Radiators, which described itself as “Europe’s leading manufacturer of round top radiators with 35 years of experience in the heating industry”, was forced to call in insolvency specialists Grant Thornton to handle the administration process, with partners Alistair Wardell, Matthew Richards and Trevor O’Sullivan appointed as joint administrators.
Prior to administration, the company had been searching for a buyer to take on the business and preserve jobs; however, it failed to secure a new owner in time. Pairing this with the general increase in costs and competition with cheaper imported brands, Quinn Radiators was ultimately forced into the hands of insolvency practitioners.
Wardell commented: “In recent years, the company has faced the ongoing challenge of remaining competitive in the face of increasing raw material prices and cheaper imported brands.
“Over the past months, the directors actively sought a buyer for the company in an effort to preserve jobs and keep the business in the UK.
“These discussions ceased last week without success and with unsustainable losses continuing, the directors took the difficult decision to appoint administrators.
“Our priority now is to work with the retained employees to ensure we achieve the best outcome for creditors.”
The company merged with material supplies group International Industrial Metals in 2017 and underwent a major refinance and restructuring programme. Accounts for the year ending 31 March 2017 detailed a 10 per cent increase in turnover to £51 million, but also reported a pre-tax loss of £7.2 million.
The administrators are actively inviting offers and expressions of interests from interested parties.
For more news stories about administrations click here. For all our administrations listings, click here.
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