Mon, 18 Jun 2012 | ADMINISTRATION
Somerset-based electronics manufacturing firm Herald Electronics has entered administration, it has been confirmed.
Reports from Insider Media revealed that BDO was appointed administrator for the sub contract firm on 1 June. David Gilbert and Graham Randall from the accountancy company are handling the situation.
Mr Gilbert, business restructuring partner at BDO, told Insider Media: "Unfortunately, the current economic climate and difficult trading conditions significantly affected the business. It had been the joint administrators' intention to implement a managed wind-down of the business with the support of both customers and suppliers."
He added: "The joint administrators are taking all necessary steps to mitigate losses to all stakeholders and, going forward, will seek to maximise recoveries for the benefit of all creditors."
A buyer is being sought for Herald Electronics, but its current loss-making situation has meant that trading has had to be stopped, leaving 54 employees without their jobs.
Mr Gilbert explained: "Regrettably, the losses being incurred by the company are not sustainable over a wind-down period and therefore operations have ceased and 54 employees have been made redundant."
The business has developed a highly specialised platform that acquires remotely sensed geospatial data from various sources, including satellites, and uses AI-powered analytics to provide customers with actionable insights.
The retirement sale of a very well established manufacturer of industrial paints and coatings, providing a wide range of coating products to a variety of customers.
The imminent sale of a well-established and well respected business, with over 20 years of experience.
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