28 jobs lost as manufactuer slips into administration
Almost 30 jobs have been lost at a Coventry manufacturer after a fall in revenues plunged the firm into administration.
Covrad Heat Transfer, which is part of the US-based API Heat Transfer Group, called in administrators from FRP Advisory earlier this month. API is unaffected by the move.
Some 28 staff at Covrad that were furloughed have been made redundant while a further 38 have been retained to help with the administration process.
Raj Mittal and Tony Barrell from FRP have been named as joint administrators.
Mittal said: “Despite the efforts of the directors and management, the reduction in turnover and consequential trading losses facing the company were not able to be resolved and resulted in the decision to place the business into administration.
“Our immediate priority is now to support those affected and work closely with the redundancy payments service to ensure that employees receive every support at this difficult time.”