Rugby-based concrete flooring specialist Twintec has filed its intention to appoint an administrator.
The firm is the UK’s leading producer of jointless steel fibre reinforced concrete flooring and has been at the forefront of the industry for the last two decades.
But in the last few years the business has been contracting from peak turnover of around £24m in 2012 to £13m. During this period it ran up losses every year and withdrew from international markets to focus on the UK.
According to the latest accounts greater focus and cost control brought losses down from £1.4m in 2014 to around £800,000 in 2015.
The firm produces around 300,000 sq m of industrial flooring slabs each year, with around £1.3m of work in progress and an estimated pipeline of £1.9m in contracts.
The owners of the business have instructed Midlands accountants Smith Cooper to seek interest in a buyer for the business.
In the invitation to bid for the business the firm says the deal is likely to be concluded by an appointed administrators as a pre-pack deal.
Twintec presently employs just over 20 staff, down from 68 in 2012.
The firm is a 100% owned subsidiary of Luxembourg-based Twintec International SA.
from Construction Enquirer http://www.constructionenquirer.com/2017/02/13/concrete-firm-twintec-heading-for-administration/
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