Jobs go as car parts firm crashes
AUTO industry manufacturer Addison McKee has gone into administration, with the loss of 84 jobs.
Dermot Power of BDO Stoy Hayward was appointed as administrator to the Preston-based company, which manufactures machines that make tubes such as exhaust pipes, in January.
BDO has retained 13 of the company’s 97 staff, but was unable to comment on whether there was a chance the remaining business might be sold, when contacted by TheBusinessDesk.
Mr Power said the contraction of the car market, as a result of the economic conditions, had directly impacted on the company.
He said: “It is shocking that a company which, six months ago had a full order book, was in full profitability with an extremely talented and skilled workforce, has had to resort to administration.”
Addison Mckee group has manufacturing centres in the US, Canada and China, which continue to trade. It is principally owned by WHI Capital Partners, a Chicago-based private equity firm.
The scale of the issues car manufacturers are seeing was underlined yesterday when North West luxury car maker Bentley said it was cutting another 200 jobs and cutting the pay of all 3,500 staff by 10% between April and the end of the year.
