Chris Pole joint administrator to Norfolk Capacitors Limited, has today confirmed that redundancies have been made at the business, which went into administration last week.
Since their appointment, the Joint Administrators have been trying to secure the commitment of the company’s customers to support ongoing trade. However, the loss of a major contract, has led to 46 staff being made redundant today, leaving a workforce of 37 across the two sites at Great Yarmouth and Gorleston .
Commenting on the latest developments, Mr Pole said: “We have spent several days trying to secure agreements with customers to continue doing business with Norfolk Capacitors Limited. Whilst the response from the Company’s longstanding customers has been positive, the loss of a recently won key contract has led to the decision to down size the business to a level appropriate to service the remaining order book."
“We are disappointed that we have had to make redundancies, but there is now an opportunity for the business to re-focus on its historically profitable core operation. We will continue to trade in the short term with the remaining staff, as we look for a buyer for the business.”
The company, was the UK’s largest designer and manufacturer of specialist power capacitors and had 106 employees.
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