Flooring group seeks pre-pack deal
Industrial flooring company Twintec has reached rock bottom after it was forced to file its intention to appoint an administrator.
The Rugby-based group, which lays claim to being the leading provider of jointless steel fibre reinforced concrete flooring in the world, has been unable to operate profitably for several years.
It has now instructed Smith Cooper to find a buyer with a deal likely to be done as a pre-pack administration, reports Construction Enquirer.
Twintec’s workforce has shrunk by more than two-thirds in the past five years, and now employs around 20 staff.
The group last broke even in 2010, on sales of £14.3m. Although turnover peaked at £23.6m two years later, losses grew for four consecutive years, reaching £1.4m in 2014.
Twintec’s latest published accounts, for 2015, show turnover fell by £4.9m to £13.2m, with more than half of that decline coming from the near-withdrawal from Australian markets.
Losses were reduced to £848,000, but the group had to include a going concern warning as shareholders’ funds stood at £1,126.
