May 20 2013 Latest news:
By Shaun lowthorpe Business editor
Friday, October 19, 2012
Great Yarmouth-based Norfolk Capacitors has been bought out of administration in a deal which will safeguard the remaining 37 jobs at the firm.
The company, which originally employed 106 staff across its two sites in Great Yarmouth and Gorleston, went into administration in September following cashflow problems.
But administrators KPMG today announced the sale of the business to API Capacitors Limited, an affiliate of Norwich-based API Engineering The business will now operate from API’s Leyden Works site in Station Road Great Yarmouth.
Joint administrator Chris Pole said: “We are very pleased to have been able to secure the sale of, what has historically been a very profitable and successful business. Norfolk Capacitors Ltd has a strong reputation in its field and was one of the UK’s largest designers and manufacturers of specialist power capacitors, and it is good news that it is going to continue operating.
“I would really like to thank the employees of the business as well as the Company’s longstanding customers who continued to work with us in keeping the business trading until we were able to find a buyer. I’m sure that under the new ownership of API Capacitors Limited, the business will go from strength to strength.”
Norfolk turkey giant Bernard Matthews is in talks to sell a stake in the business.