FRP administrators called to Controlled Speed
Electronics manufacturer appoints David Thornhill and Geoff Rowley as administrators following cash flow difficulties
FRP ADMINISTRATORS have been appointed to electronics manufacturer Controlled Speed.
David Thornhill and Geoff Rowley, (pictured) both partners at FRP Advisory, were appointed joint administrators to the West Yorkshire-based business which has now ceased trading.
The manufacturing site employed 38 people with all but three made redundant.
Thornhill said: “The company has been experiencing cash flow difficulties over the last few months and management has been involved in discussions with a number of parties in recent weeks with a view to a sale of the business. That has so far not been possible, although discussions are on-going.
“While the position remains under review, we have unfortunately concluded that the company is not in a financial position to continue to trade. As result, all but a small skeleton of staff have sadly been made redundant.”