Mon, 28 Jan 2013 | ADMINISTRATION
Precision engineering contract manufacturer Border Precision has entered administration with the loss of 25 employees.
The Scotland-based business is continuing to trade with its remaining 120 staff under the control of accountancy firm Grant Thornton.
The joint administrators – Robert Craven and Stuart Preston - have reportedly said that it is too early to say if the business can be rescued or if a buyer will be found.
Established in 1976, the business trades from an 80,000 sq. ft. factory in Kelso’s Pinnaclehill Industrial Estate, and offers a range of bespoke precision pressings, RFI/EMC Gaskets and prototype manufacturing.
Losses at Border Precision trebled to £645,000 on revenues of £7.1 million for the year ending 31 October 2011. Its directors blamed the firm’s troubles on bringing in new advanced equipment in 2011.
Michael Moore Borders MP said it would be a “great loss” to the local community if the business fails.
“This is why I am urging administrators to work as quickly as possible to find a solution to protect jobs and provide certainty to employees at the firm,” he commented.
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