A historic copper producer based in Staffordshire has gone into administration following cashflow problems. Zolfo Cooper who were appointed administrators on Monday commented, “Administration was the only option which would allow the business to continue to trade and to retain its employees, while the business is marketed for sale.”
The company produced the first transatlantic power cable and has worked on a number of projects around the world. Thomas Bolton previously worked on a power generator for the Beijing Olympics and has supplied copper and copper alloys to electrical for over 200 years.
Joint administrator, Graham Wilde, said, “We believe the company is an attractive proposition to a range of potential buyers given its expertise and excellent product range. We welcome expressions of interest from third parties to acquire the business as a going concern”.
Over 100 jobs are at risk unless the company can find a suitable buyer. The factory based in Froghall, Staffordshire Moorlands is believed to be the last copper manufacturer in Britain.
UPDATE - 7th May 2014: With regret, the company has had to close after failing to find a suitable buyer, resulting in 71 redundancies. This follows 19 jobs lost during the administration process. The remaining 14 members of staff have been kept on to assist with the winding-down of the company.
Anyone who has been affected or would like advice, should contact Staffordshire Moorlands District Council as well as Stoke-on-Trent and Staffordshire Local Enterprise Partnership.
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