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18
June
2012

Herald Electronics to close down

Fifty four people will lose their jobs following news that they Somerset-based electronics manufacturing company has been placed into adminstation.
Herald Electronics has ceased production following the appointment of David Gilbert and Graham Randall of BDO as joint administrators on 1 June. The adminstrators are currently seeking a buyer for the company.

BDO business restructuring partner David Gilbert told Insider Media: "Unfortunately, the current economic climate and difficult trading conditions significantly affected the business. It had been the joint administrators' intention to implement a managed wind-down of the business with the support of both customers and suppliers.

"Regrettably, the losses being incurred by the company are not sustainable over a wind-down period and therefore operations have ceased and 54 employees have been made redundant.

"The joint administrators are taking all necessary steps to mitigate losses to all stakeholders and, going forward, will seek to maximise recoveries for the benefit of all creditors."
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