Search

Buyout deal saves part of Norfolk-based Active Technologies but cannot halt 22 job losses

06:30 09 December 2012

Former Active Technologies managing director Paul Spink

Former Active Technologies managing director Paul Spink

Archant copyright 2011

Administrators seeking to salvage stricken Norfolk firm Active Technologies have secured a deal to save part of the business securing 11 jobs - but 22 staff are being made redundant after it proved impossible to salvage the rest of the company.

Under the deal two former staff have bought the AT Power division, which is focused on motorsport, but the AT Renewables (energy solutions), and AT Precision divisions could not be saved.

And all three directors, including founder Paul Spinks are among those being made redundant from the firm, which is based at the Hethel Engineering Centre.

Little is known about the new owners or their vision for the firm, which was a EDP Future 50 business, going forward, but Active had run into trouble after running into cashflow problems and accruing debts of £400,000.

Simon Plant, group partner at administrators SFP, said: “It was unfortunate that Active Technologies struggled due to a lack of cash flow at a critical time. However, we managed to secure a sale of part of the business as a going concern, ensuring the preservation of a number of jobs and continuity of supply for its customer base. It does highlight the need to engage with insolvency practitioners as early as possible, as the outcomes are nearly always more positive, and in many cases can result in the business being saved.”

HOT JOBS

Show Job Lists

Insight

Employers in East Anglia are paying staff more and looking at benefits packages in a bid to attract and retain staff.
Photo credit: Philip Toscano/PA Wire

If you excel at your job then now might be the time to speak to your boss about a pay rise or equally look for an upgrade in your benefits package.

                                 Managing Director of Bakers and Larners of Holt, Michael Baker, pictured at the Holt department store.

Picture: MARK BULLIMORE

Family businesses are the lifeblood of the economy, but can often be weighed down by tradition. Now a report seeks to champion the region’s oldest family firms. Business writer SABAH MEDDINGS reports.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Mustard TV

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Shaun Lowthorpe

Business Publishing Editor

|

Sabah Meddings

Business Writer

|

Kate Royall

Business Writer

|

Duncan Abel

Business Development Manager

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100

Business Most Commented

Newsletter Sign Up