May 21 2013 Latest news:
Saturday, July 21, 2012
An innovative engineering firm which was developing a product to reduce emissions and improve small engine efficiency has gone into liquidation after it was unable to secure the funds to become a manufacturing entity.
The directors of Scion-Sprays Ltd have decided to cease trading making 17 staff in Norfolk redundant.
The company was based at Norfolk County Council’s Hethel Engineering Centre in South Norfolk.
Six manufacturing staff in China, who made standard components for the engine management product, have also lost their jobs.
It is hoped that the intellectual property and manufacturing assets of the company can be sold, and there are discussions ongoing with interested parties.
The company - which was part of the EDP Future 50 - until now was funded by a private investor in the Netherlands.
In a statement the company said: “As a result of being unable to secure the funding necessary to ensure the transition from research and development into a manufacturing entity for its engine management system, the directors of Scion-Sprays Ltd took the difficult decision to cease trading from 22 June 2012 and place the company in liquidation.
“Negotiations are currently taking place with various parties interested in acquiring the assets of the company.”
In 2011 after securing a customer the company set up injector production at Hethel, which required a £250,000 investment in machinery including automatic testing of injector quality.
In 2011 the company turnover was £250,000.
Norfolk turkey giant Bernard Matthews is in talks to sell a stake in the business.