Thu, 30 Aug 2012 | ADMINISTRATION
Car parts firm Cobra has entered administration, with 18 staff to be made redundant.
The business, which manufactures car components and is based in Wrexham, is to be sold as a going concern, however. This should mean that the remaining 120 staff will be able to keep their jobs.
The business makes components for car companies including Audi, Bentley and Volvo and relocated from Powys eight months ago after landing a £12 million order from Vauxhall to supply new parts for its Astra models.
Kim Rayment, joint administrator from BDO, commented: “Unfortunately the economic climate and difficult trading conditions significantly affected the business.
"However, we are hopeful of securing a sale and the company will continue to trade whilst this is explored.”
A source told BBC Wales that the company is still looking a for a deal to rescue the business. “We were within touching distance of the winning post and everyone is devastated that this has happened,” the source added.
The Welsh government has expressed confidence in the future of Cobra, noting that officials have offered support to the business in order to protect local jobs and keep things ticking over if possible.
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