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© pinonsky dreamstime.com Electronics Production | January 04, 2017

AEI Cables to cease manufacturing operations

Layoffs awaits at UK-based AEI Cables as the company prepare to cease manufacturing operations after serving the industry for more than 170 years
AEI Cables has announced it is serving notice of redundancy on a number of employees and that it is proposing to enter a Company Voluntary Arrangement (CVA).

Following an extended period of collective redundancy consultation which started back in September 2016, AEI Cables has reached the decision that it is unable to continue manufacturing and that it will continue as a sales-only business.

The majority of the company's 198 employees will leave on or before Friday, January 6, 2017. As part of a phased closure, approximately 40 employees will continue working until the beginning of March, the company writes in a press release. Some 13 sales and administration staff will stay on working for the company – at a location not yet decided.

"The company has been losing money for some time and, following careful consideration of other options to avoid or reduce the number of potential redundancies, it was necessary to either find a buyer or to cease production,” a spokesman for AEI Cables said in the press release.

The spokesperson continues saying that despite significant investment in the plant over the last two-and-a-half years, profitable production levels have not been achieved.

“With unviable output levels and without a buyer, we deeply regret that manufacturing operations will have to cease. We will be providing all the advice and guidance we can to those being made redundant."

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December 04 2017 9:30 PM V8.9.2-2