Thu, 13 Oct 2011 | ADMINISTRATION
Pi Shurlok, the Cambridgeshire-based manufacturer of vehicle electronics, has entered administration, after its parent company said it was not prepared to put any more money into it.
The company, which is headquartered at Milton Hall in Ely Road, Milton, has had Maurice Moses and Craig Lewis from Ernst & Young appointed as joint administrators, who have launched an intensive search for a buyer for the business.
Mr Moses said that the company had suffered in the economic climate to a point where its South African parent company, Control Instruments Group, could no longer support it.
"The company continues to trade as a going concern and the administrators are actively seeking to sell the business and its assets," he said. "The administrators are reassured by the high level of interest shown to date."
Twelve employees were made redundant when the administrators were brought in, but 67 further employees have been retained to maintain the business's operations while a buyer is sought.
The company was founded in 1986 as Pi Research, establishing itself as a specialist in wind tunnel research and motor racing technology. It was bought by Ford in 1999, then sold to private investors in 2004, who in turn sold it to Control Instruments in 2006 for £6 million.
Utilises a large fleet of articulated units and trailers to provide transportation and delivery services depot-to-depot via fully loaded trailers. Provides its comprehensive service offering for several blue-chip organisations. Receives a high volume...
This independently run Heating Engineers delivers a variety of services to a wide range of clients in its local area.
Established over 15 years this care provider has become very well known in the local area for the high quality of care and companionship they provide to their clients.
02
|
May
|
Two country hotels sold following confidential marketing process | COMMERCIAL PROPERTY
Two country hotels in the South East of England have been so...
02
|
May
|
Two South East accountancy firms agree to merge | MERGER
Two accountancy firms based in the South East have announced...
02
|
May
|
Legal services group completes eighth acquisition | BUSINESS SALE
Acquisitive legal services group Lawfront has completed a de...
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.