Jobs go as manufacturer calls in administrators

MANUFACTURER R3 Products in Sheffield has gone into administration, resulting in the loss of five jobs.

Charles King and Hunter Kelly of EY’s restructuring team were appointed joint administrators to the business on February 18.

Shortly after their appointment, R3 Products ceased to trade.

Four of the company’s remaining five employees have subsequently been made redundant and all former employees are being offered support in making claims for redundancy and notice pay.

One employee has been retained to assist the administrators for a short period.

Iona Capital was one of a number of investors in R3 Products. 

Mr King said: “R3 Products incurred losses since it was established in 2011, funded by a number of investors. Despite management’s efforts to save the company, the continued funding of the losses became unsustainable and administrators were appointed.

“It is with regret that the company’s remaining employees have been made redundant. We are now in the process of realising the company’s assets and winding down its operations.”

R3 Products made 14 redundancies prior to the appointment of the administrators.