Wed, 27 Apr 2011 | ADMINISTRATION
The administrators of pioneering tank and silo manufacturer, Braby, are to sell the business after rescue talks broke down recently.
Talks with a large European group to secure funding for Braby failed last week. Braby’s directors were left with no option other than to call in administrators to the business, which had been experiencing worsening cash flow problems.
About 27 out of the 53-strong workforce lost their jobs at the firm after the administrators Nigel Morrison and Alistair Wardell of Grant Thornton were appointed.
Mr Morrison commented, “Despite being a long-established business and the UK market leader in its field, Braby was not immune to the global recession which has led to its blue-chip customer base reducing its spend on large capital items, such as those supplied by the company.”
The administrators will trade the business while seeking a new owner for the 172-year-old company.
Braby, based in Ashton Gate, Bristol, manufactures aluminium and stainless steel silos and tanks for food, plastics, pharmaceuticals and chemicals companies. On its website Braby says it is the only British silo maker that is capable of de-coiling aluminium and stainless steel supplied directly from the mills.
Braby Limited reported sales of £4.35 million for the year ending 31 March 2010 with losses of £324,000.
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