Joint administrators at Leonard Curtis Business Rescue & Recovery have confirmed that a pre-packaged sale of Astracast Limited has been completed, safeguarding 42 jobs.
Operating from premises in Bradford, West Yorkshire, Astracast Limited was principally involved in the manufacture and supply of products for the kitchen and bathroom industry.
Julien Irving and Andrew Poxon of Leonard Curtis Business Rescue & Recovery were appointed joint administrators on 16th March 2018.
Julien explained events leading up to the administration: “Historically, the company had relied on individual contracts and product lines as its principal source of revenue.
“Sales volumes have been closely linked to economic activity in the UK, US and Europe and, in particular, housing transactions and mortgage approvals. In recent years, the company had expanded its operations in the US and Europe to support domestic sales. Recently however, the company had experienced a downturn in trading, which resulted in operations not being commensurate with its manufacturing and premises costs.”
“Management had made attempts to rectify the issues faced and streamline costs to maintain profitability but increasing pressure from creditors and the potential threat of legal action had to be considered. It was at this stage that the appropriate steps were taken to preserve the business.”
Joint administrators concluded a pre-packaged sale of the business to a connected party after a period of marketing. This resulted in the transfer of 42 employees to the new purchasing entity.
Leonard Curtis Business Rescue & Recovery is part of the Leonard Curtis Business Solutions Group (LCBSG).
For further media information, please contact Karen Winstanley or Sue Souter at Souter PR on 01625 839 319 or email email@example.com / firstname.lastname@example.org
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