110 redundant at engineering firm Caip
A TECHNICAL engineering business near Warrington has gone bust with the loss of 110 jobs.
KPMG was appointed administrator of Caip, which provided services to the telecoms, renewable energy and construction sectors, and closed the business.
Several staff were retained to help with the wind down of the company which also had smaller sites in Northampton, Lymington and Didcot.
Joint administrator Paul Flint said: “The company has experienced a number of delays on contracts with key customers which has had a significant impact on its cash flow which has contributed to its failure.”
Daresbury-based Caip was profitable in 2013, recording a pre-tax profit of £830,000 on revenues of £25.4m in the year to March. It is owned by Ian Brooks, Paul Ryan, Alistair Mcauley and Christopher Tracey.