Chris Pole and Richard Philpott from KPMG Restructuring have today been appointed joint administrators to Norfolk Capacitors Limited, the Great Yarmouth-based manufacturer.
The company, which is based across two sites in Great Yarmouth and Gorleston, is the UK’s largest designer and manufacturer of specialist power capacitors.
Chris Pole, Joint Administrator from KPMG commented : “Unfortunately, problems relating to the investment in a new production facility at the same time as securing a major new contract created significant and irresolvable cash flow issues for the business.
“Whilst we are currently reviewing the position, it is our intention to continue to trade this business in the short term whilst we explore the possibility of achieving a going concern sale. Norfolk Capacitors is an important employer in the region, and a historically successful business and we are hopeful that a new owner can be found.”
The company employs a total of 106 employees across its two sites. The company currently operates three, eight hour shift rotas and administrators have taken the decision to cease operating one of the shifts, which has resulted in 20 redundancies on appointment.
Any interested parties should contact Tim Bateson on 0115 935 3498.
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