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."
Operating across North Yorkshire, the company has two divisions, one that provides IT infrastructure and one offering renewable energy solutions, including solar PV systems and electric vehicle charging points.
The group specialises in supplying and installing UPVC windows, doors and conservatories in a wide array of styles. Bespoke bathroom panelling and high-quality guttering products are also provided by the two companies.
The company is a well-regarded specialist provider of hygienic wall, floor, and ceiling cladding systems. To complement its core supply of PVC cladding, the business offers hot welded joints to prevent the build-up of bacteria and can supply stainles...
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