Thu, 24 Nov 2011 | ADMINISTRATION
The administrators that have been appointed to Yorkshire electronic manufacturer, Controlled Speed, have said they are persisting in their efforts to find a buyer for the company.
The business, which specialises in the manufacture of electronic motion control technology, succumbed to long-term cash flow difficulties this week. David Thornhill and Geoff Rowley, from financial services firm FRP Advisory, were appointed as administrators and have been working to find a buyer for the business and its assets.
The immediately ceased trading the company and made 38 staff redundant, while keeping on a skeleton staff to aid them with the administration and sale processes.
Mr Thornhill said they had not yet exhausted all possibilities for the sale of the company and would keep exploring the options.
"The company has been experiencing cash flow difficulties over the last few months and management has been involved in discussions with a number of parties in recent weeks with a view to a sale of the business," he said in a statement. "That has so far not been possible, although discussions are on-going."
The company operates from headquarters in Batley, in West Yorkshire. Their primary market is the supply of motor control boards to many of the world’s leading stair lift and mobility products companies.
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