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| Cobra jobs go with Wrexham car parts firm in administration | Cobra jobs go with Wrexham car parts firm in administration |
| (about 2 hours later) | |
| A car components firm which relocated to Wrexham from Powys eight months ago has gone into administration. | A car components firm which relocated to Wrexham from Powys eight months ago has gone into administration. |
| Administrators said 18 staff were being made redundant at Cobra UK but 120 would remain as they seek to sell the firm as a going concern. | Administrators said 18 staff were being made redundant at Cobra UK but 120 would remain as they seek to sell the firm as a going concern. |
| The company, which still has a site in Welshpool, moved after landing a £12m order from Vauxhall to supply interior parts for the new Astra. | The company, which still has a site in Welshpool, moved after landing a £12m order from Vauxhall to supply interior parts for the new Astra. |
| It makes components for brands including Bentley, Audi and Volvo. | It makes components for brands including Bentley, Audi and Volvo. |
| Kim Rayment, one of the joint administrators, said: "Unfortunately the economic climate and difficult trading conditions significantly affected the business. | Kim Rayment, one of the joint administrators, said: "Unfortunately the economic climate and difficult trading conditions significantly affected the business. |
| "However, we are hopeful of securing a sale and the company will continue to trade whilst this is explored." | "However, we are hopeful of securing a sale and the company will continue to trade whilst this is explored." |
| Cobra UK took over a 70,000 sq ft building on Wrexham Industrial Estate last Christmas. | Cobra UK took over a 70,000 sq ft building on Wrexham Industrial Estate last Christmas. |
| It was previously occupied by German company BoS, which switched production to Hungary and Romania four years ago with the loss of 125 jobs. | It was previously occupied by German company BoS, which switched production to Hungary and Romania four years ago with the loss of 125 jobs. |
| The company's expansion was backed with money from the Welsh government's repayable business finance scheme. | The company's expansion was backed with money from the Welsh government's repayable business finance scheme. |
| BBC Wales understands the firm was on the verge of securing support from a German company, which could have led to further expansion. | |
| But a well placed source said before a deal could be signed Cobra's bankers decided to call in a large loan at short notice. | |
| "We're still hoping the deal can be rescued," the source added. "We were within touching distance of the winning post and everyone is devastated that this has happened." |