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Car parts firm in administration Car parts firm in administration
(about 5 hours later)
A car parts manufacturer has gone into administration threatening up to 100 jobs. A car parts manufacturer in Powys has gone into administration threatening up to 100 jobs.
Kaye Presteigne has made 17 workers redundant at its foundry in Presteigne, Powys, joint administrator Brian Johnson said.Kaye Presteigne has made 17 workers redundant at its foundry in Presteigne, Powys, joint administrator Brian Johnson said.
He said many staff who went unpaid at Christmas had now received their wages.He said many staff who went unpaid at Christmas had now received their wages.
Mr Johnson said the firm was one of the largest employers in the Welsh town and he wanted to see the foundry continue trading. Mr Johnson said the firm was one of the largest employers in the town and he wanted to see the foundry continue trading.
Kaye Presteigne has had a foundry in the town since the 1940s and makes parts for car engines, steering and braking mechanisms. Kaye Presteigne was formed in 2006, saving more than 130 jobs, after the former owners J L French went into administration.
Mr Johnson said orders had fallen during the recession but an eight week, interim rescue package had now been agreed with some of the company's main customers. There has been a foundry in Presteigne since the 1940s and it makes parts for car engines, steering and braking mechanisms.
Mr Johnson said orders had fallen during the recession but an eight-week, interim rescue package had now been agreed with some of the company's main customers.
"The directors prior to my appointment had been seeking funding for the company and were reasonably far advanced in terms of trying to put together a deal, in addition to which we have had a number of expressions of interest, from other parties, in taking the company on," he added."The directors prior to my appointment had been seeking funding for the company and were reasonably far advanced in terms of trying to put together a deal, in addition to which we have had a number of expressions of interest, from other parties, in taking the company on," he added.