December 10 2013 Latest news:
Sunday, December 9, 2012
Administrators seeking to salvage stricken Norfolk firm Active Technologies have secured a deal to save part of the business securing 11 jobs - but 22 staff are being made redundant after it proved impossible to salvage the rest of the company.
Under the deal two former staff have bought the AT Power division, which is focused on motorsport, but the AT Renewables (energy solutions), and AT Precision divisions could not be saved.
And all three directors, including founder Paul Spinks are among those being made redundant from the firm, which is based at the Hethel Engineering Centre.
Little is known about the new owners or their vision for the firm, which was a EDP Future 50 business, going forward, but Active had run into trouble after running into cashflow problems and accruing debts of £400,000.
Simon Plant, group partner at administrators SFP, said: “It was unfortunate that Active Technologies struggled due to a lack of cash flow at a critical time. However, we managed to secure a sale of part of the business as a going concern, ensuring the preservation of a number of jobs and continuity of supply for its customer base. It does highlight the need to engage with insolvency practitioners as early as possible, as the outcomes are nearly always more positive, and in many cases can result in the business being saved.”