Insolvency’s a rough old job
A few too many reports of administrations have hit the old TS in-tray in recent times, but we suppose it keeps those darned turnaround experts in work and shiny shoes.
The latest one to wing its way to the TS newsdesk told of Ernst & Young being appointed to deal with troubled Manchester-based Carbo Plc, a ‘maker of abrasive products’.
You already know what’s coming don’t you?
One can only wonder if the company had rubbed its creditors up the wrong way, or whether there was friction among shareholders over the company’s strategy.
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Let’s hope that E&Y scours the country for a buyer, and the company can deal with the obviously rough trading conditions – it won’t be plane sailing, that’s for sure.
Sorry about that, but it just had to be done. It’s out of our system now, and we’ll move on.