The decision to wind up its UK operations came on Wednesday 28 February after a creditor’s meeting. Following this resolution, the company will go into liquidation unless a company voluntary agreement is reached. Administrators say it is unlikely that unsecured creditors will receive any money back.
Ron Robinson and Paul Stanley of business recovery firm Begbies Traynor in Manchester were appointed administrators of Ravenhead in November 2000. The company blames the strength of the pound for its demise after falling foreign exports caused it to lose £1m last year.
In attempts to get out of the red, the company initially cut 130 jobs of its 330-strong workforce. It also attempted to make a deal with Canadian firm Libbey, the original owners of the glass-making business.
Ravenhead is a subsidiary of Belgian glassware manufacturer Durobor. Prior to the administration, chief operating officer Don Cooper, who also acted as company secretary, fulfilled the finance role at the UK-subsidiary on behalf of the parent company.
The person in charge of Finances in Belgium is Eric Wilberz. A source close to the company said dialogue between the parent company and its subsidiary was ‘fairly minimal’ and the UK staff knows little about the operations in Durobor’s Belgian office.
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