Jobs lost as Leicester design company enters administration
Market Harborough firm Quantum 4 has entered administration, resulting in the loss of all 18 jobs at the company.
Established in 2002, Quantum 4 has been involved in designing, manufacturing, and installing retail display equipment.
In late August this year, Opus, appointed as administrators, confirmed the closure of the company’s location at The Point business park off Rockingham Road in the town.
The company, facing debts of around £2.5m, is attributed to falling victim to the pandemic and the cost of living crisis, both impacting the retail sector.
In October 2022, Quantum 4 experienced a setback when its primary customer suspended its store development initiative and withdrew orders.
Following this, additional customers also either cancelled or postponed their orders.
Even after implementing cost-cutting measures and a restructuring initiative, the challenges with cash flow intensified, and when attempts to secure a buyer for the business proved unsuccessful, administration became inevitable.