Directors of the firm, which designs, manufactures and installs aluminium glazed building facades, called in administrators from KPMG on July 27 after unsuccessfully trying to find a buyer. Tony McDonough reports
More than 30 people have lost their jobs following the collapse of Wirral manufacturer Anaco Systems.
Directors of the Birkenhead firm, which designs, manufactures and installs aluminium glazed building facades, called in administrators from KPMG on July 27 after unsuccessfully trying to find a buyer for the struggling business.
Paul Dumbell and David Costley-Wood from KPMG’s restructuring practice are now in the process of winding down the business and have made 32 of the 34 staff redundant.
Mr Dumbell said: “The company had experienced declining gross profit margins and issues with historic customer account settlement delays.
“The situation was further exacerbated by recent unexpected delays in material interim account payments. This in turn had a significant impact on cash flow and the company’s ability to continue to trade.
“After searching unsuccessfully for a buyer of the business, the directors took the difficult decision to appoint the joint administrators. In the absence of a going concern buyer coming forward, we will now commence an orderly wind down of the business.”
Immediately following the appointment of the joint administrators, operations on site ceased. The joint administrators have retained a skeleton staff on site to assist with the wind down process.