Buyer sought for insolvent cabling firm

ADMINISTRATORS are looking for a buyer for a 100-year-old cabling business based in Burnley.

Concord Holdings operates Concordia Technologies, which imports and distributes cabling and accessories, and Heatsense Cables, which manufactures and supplies pure nickel and high temperature cables to the food and retail sector.

Administrators at Deloitte in Manchester said they were appointed after the management was “unable to bridge its short term funding requirement”.

Three directors have been made redundant at Concord but no staff have lost their jobs at the trading businesses. Some 38 people work for Concordia and 10 for Heatsense. Concord has a number of shareholders but the largest, with 49%, is Jeremy Kemsley-Pein.

Administrator Dan Smith said: “Despite taking steps to restructure its cost base, the Group was unable to bridge its short-term funding requirement. As a result, the board took steps to appoint administrators. The group is continuing to trade in administration and we hope to find buyers for the two trading businesses.”

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