Modec to cease trading
The firm went into administration in early March following 'severe cashflow difficulties'. According to reports, talks with American partner Navistar over a possible takeover fell through.
Now, Ryan Grant, Simon Appell and Anne O’Keefe, partners at recovery specialists Zolfo Cooper, say that attempts to find a buyer for the business as a going concern have proved unsuccesful although they have been able to achieve a sale of the remaining assets of the company. They added that a small number of employees will stay on at the site in the short-term to assist with winding down operations.
Ryan Grant of Zolfo Cooper said: 'Despite rigorously pursuing expressions of interest, we have been unable to find a suitable buyer for the business as a going concern. Regrettably, we have therefore been left with no choice but to cease trading and make the majority of the remaining employees redundant with immediate effect.
'We appreciate that this has been a very difficult time for all staff but we would like to take this opportunity to thank them for their continued professionalism and dedication to the business during this period.'For more of the latest industry news, click here.