Redundancies Made at Norfolk Capacitors Limited
Joint administrators to Norfolk Capacitors Limited have confirmed over the weekend that redundancies have been made at the the Great Yarmouth-based business, which went into administration last week.
Since their appointment, the joint administrators Chris Pole and Richard Philpott from KPMG Restructuring have been trying to secure the commitment of the company’s customers to support ongoing trade. However, the loss of a major contract, has led to 46 staff being made redundant, leaving a workforce of 37 across the two sites at Great Yarmouth and Gorleston.
Commenting on the latest developments, Mr Pole said: “We have spent several days trying to secure agreements with customers to continue doing business with Norfolk Capacitors Limited. Whilst the response from the Company’s longstanding customers has been positive, the loss of a recently won key contract has led to the decision to down size the business to a level appropriate to service the remaining order book.”
“We are disappointed that we have had to make redundancies, but there is now an opportunity for the business to re-focus on its historically profitable core operation. We will continue to trade in the short term with the remaining staff, as we look for a buyer for the business.”
The company, was the UK’s largest designer and manufacturer of specialist power capacitors. The company employs a total of 106 employees across its two sites. The company currently operates three, eight hour shift rotas and administrators have taken the decision to cease operating one of the shifts, which has resulted in 20 redundancies on appointment.