Mon, 27 Jan 2014 | ADMINISTRATION
An iron and aluminium foundry based in the West Midlands has entered administration after over 90 years in business.
Incanite Foundries was established in 1920 and operated a number of aluminium and iron foundries in the West Midlands region supplying project development solutions and castings to global customers.
The company has struggled in recent years, however, after losing a number of customers and experiencing “serious cash flow issues”. Trading ceased at the end of last year and 84 people were made redundant earlier this month out of a workforce of just over 100.
Guy Mander and Dilip Dattani of Baker Tilly were appointed as joint administrators of the business. Mander commented: “Major investment was made to grow the business, however the loss of customers and associated cash flow implications meant that Administration was necessary in order to protect assets for the benefit of creditors.”
The company's turnover took a turn for the worst towards the end of 2013. Meanwhile, the administration follows a substantial amount of investment in earlier years; for example, in the summer of 2012 the company installed an aluminium foundry at the cost of around £1.4 million.
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