Moveero\u2019s UK divisions have entered administration as the business faces ongoing market and operational challenges.<\/p>\n
The three companies affected – Sankey Holding, Moveero Limited and Autostructures UK – collectively employ around 250 staff at a manufacturing facility in Telford. All employees are being retained while potential buyers are sought.<\/p>\n
Ryan Grant, Chris Pole and Sam Birchall of Interpath have been appointed as joint administrators to manage the process and oversee ongoing trading.<\/p>\n
Funding and support from key customers have been secured, allowing the companies to continue production and delivery schedules while the administrators evaluate options for the UK operations.<\/p>\n
David Geraghty, CEO of moveero, said: \u201cAgainst a difficult economic backdrop, we have worked tirelessly over the past 12 months to improve the financial performance of the UK business. We are incredibly grateful for the support of our brilliant team, and also the support of our customers who have provided us with funding in recent days which has given us the additional time we need to continue to explore the options available.\u201d<\/p>\n
Ryan Grant, Joint Administrator said: \u201cWe have been pleased with the positive conversations and financial support provided by customers in recent days, which has ultimately provided the businesses with a crucial lifeline, enabling us to trade while we explore options for the business. We\u2019d like to extend our thanks to the companies\u2019 employees for their support and understanding while this process continues.\u201d<\/p>\n
The wider moveero group, including operations in the US and Denmark, remains profitable and is unaffected by the UK administration.<\/p>\n
The administration provides continuity for the UK workforce while giving the joint administrators time to explore sale or restructuring options, with the aim of preserving jobs wherever possible.<\/p>\n","protected":false},"excerpt":{"rendered":"
The three Telford-based companies will remain open while a buyer is sought<\/p>\n","protected":false},"author":266702,"featured_media":2109942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262],"coauthors":[127717],"class_list":["post-2109940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-shropshire","tag-top-story"],"yoast_head":"\n