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."
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.
The business was founded by the current shareholders and has delivered strong and sustainable growth over the year. The company strives to provide clients with a unique and bespoke service, tailored to the individual’s specific needs and preferences.
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