| Ecomold Limited to wind down |
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| Written by Adrie van der Luijt | |
| Friday, 25 April 2008 | |
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Employees of Ecomold Limited have been given several months notice as the firm closes.
Administrators of Ecomold have announced that the remaining business is to be wound down over several months as a suitable buyer has not been found. James Money and Mark Orton of KPMG were appointed joint administrators of Ecomold on 29 November 2007 following an application from the directors. They were successful in selling on the plant in Scunthorpe and saving 179 jobs, but they have not been able to find a suitable buyer for the remaining operations in Dunstable and Southend. Several interested parties were involved in detailed reviews of the company but ultimately no acceptable bids to purchase all or part of the business were made. The administrators have now taken the decision that the remaining parts of the business will enter into a phased ‘wind down’ leading to its closure. Current customer demand information indicates that Dunstable will end production in August and the Southend facility in September this year. Customers include Ford, FCSD & Jaguar Land Rover. Joint administrator Mark Orton called it disappointing that his team had been unable to find a suitable buyer for the remaining operations in Dunstable and Southend, but stressed that despite this announcement the administrators were continuing to seek offers for the business and would continue this process over the coming months. “We would like to thank all of Ecomold’s staff for their hard work and support since the commencement of the administration,” he added. Details of the ‘wind down plans’ have been communicated to all staff in a letter sent out by KPMG. There are currently 203 members of staff at Dunstable and 181 staff at based at Southend. Ecomold has 80 years of manufacturing knowledge and experience, the oldest site located in Southend-On-Sea, which has been in operation since the 1920's serving the radar and avionics industry. Related articles
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