PwC has been called as administrator at laser manufacturer
Exitech Limited after it
experienced cash flow difficulties.
Sadly, one of the first tasks joint administrators David Bennett and
Jervis had to do was to to make 31 employees redundant in order to ensure
trading could continue while a buyer for the business is sought.
The company went into administration on 12 October.
David Bennett, joint administrator and director at
PwC, said: ‘It is very sad that a number
of staff have had to be made redundant today. However, we are continuing to look
for a buyer for the business as a going concern and these redundancies have been
made in order to allow us to do so.
‘Exitech Limited is a well established company at the forefront of technology
and this has resulted in a number of enquiries from overseas companies which we
are currently exploring.’
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
Smith & Williamson has been appointed administrators of charity 4Children