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Electronics Production | November 24, 2011

Jobs lost as Controlled Speed stops trade

The West Yorkshire based company has stopped trading and will go up for sale, putting all but a skeleton staff of its 38 employees out of a job.
The company entered into administration on 16 November 2011 with the appointment of Joint Administrators, David Thornhill and Geoff Rowley, partners at FRP Advisory LLP, a restructuring, recovery and insolvency firm.  Controlled Speed Limited employed 38 people at its site in Batley, manufacturing high performance electronic motor speed controls for customers in the mobility and infrastructure industries in Europe and the Far East.  Commenting on the case David Thornhill said:  "The Company has been experiencing cash flow difficulties over the last few months and management has been involved in discussions with a number of parties in recent weeks with a view to a sale of the business. That has not so far been possible, although discussions are on-going." "While the position remains under review, we have unfortunately concluded that the company is not in a financial position to continue to trade. As result, all but a small skeleton of staff have sadly been made redundant." 
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