Jobs lost as specialist manufacturer enters administration
A manufacturer has entered administration due to falling sales and supply chain issues, resulting in 30 job losses.
Lateral Design designed and manufactured accessibility products to adapt cars for access.
The company had a manufacturing facility in Keighley and showroom in Southport.
Due to declining sales; supply chain delays when sourcing vehicles from Europe and China; and consumer concerns regarding vehicle certification standards post-Brexit, the business became unviable in its current form.
As a result, it ceased to trade on shortly before the appointment of Administrators and 30 employees have been made redundant.
Keith Marshall and Jamie Miller of RSM Restructuring Advisory LLP were appointed Joint Administrators of Lateral Design and they are in discussions with parties who may be interested in acquiring patents and assets belonging to the business.
Marshall, partner at RSM and joint Administrator, said: “We are working with our professional advisors to assess the company’s remaining assets with a view to maximising realisations for creditors.
“It is with regret that employees of this local business have been made redundant with immediate effect; and we are working with the Redundancy Payments Service to support all employees to process claims as quickly as possible.”
