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Situl Raithatha of restructuring firm Springfields, was appointed Administrator of Schlegel Automotive Europe Limited on 4 October 2012.

The business was established in 1958 and operates as a manufacturer of car-sealing systems to the automotive industry. It is a strategic supplier to major OEM's & Tier 2 Supplier's in Europe, Japan and South America. The Company is based in Coalville, Leicestershire and employed approximately 350 staff.

The appointment of the Administrator became necessary due to instability in the business and financial position, causing a significant downturn in trade and the consequential impact on cash flow. The Administrator is in the process of conducting a review of the business and assessing the viability of the Company continuing to trade, with a view to a sale of the business and assets as a going concern. It has been necessary to make a number of redundancies following the administration.

Situl Raithatha, Director at Springfields, said: “A detailed assessment is being carried out as to the viability of continuing to trade the business whilst a buyer is sought. The cooperation of employees, customers and suppliers will be key over the coming days. Regrettably, a significant number of redundancies have been necessary due in particular to the loss of volume which accounted for a substantial portion of the Company’s turnover. We are continuing the process of liaising with the trade unions and other stakeholders and are hopeful that a buyer can be found. ”

Specialist agents, Edward Symmons have been instructed to assist the Administrator. Any interested parties that require further information about making an offer for the business and assets of the Company, should contact Paul Harrison at Edward Symmons (paul.harrison@edwardsymmons.com).

END

For all media enquiries, please contact:
Situl Raithatha
Springfields
0116 299 4745
situl.r@springfields-uk.com
http://www.springfields-uk.com

This press release was distributed by ResponseSource Press Release Wire on behalf of Springfields Business Recovery & Insolvency Ltd in the following categories: Business & Finance, Public Sector, Third Sector & Legal, Manufacturing, Engineering & Energy, for more information visit https://pressreleasewire.responsesource.com/about.