KPMG, the administrative receivers appointed three weeks ago, said several offers had failed to reflect the value and assets of the company.
Redundancies among the 119 Glastonbury-based staff are likely.
David Cranshwaw, KPMG corporate recovery partner and joint administrative receiver said: ‘It is always disappointing when we have to take the difficult decision to close down an established manufacturing business. All employees have been advised of this decision and we will be keeping them informed of developments.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies