October 31 2014 Latest news:
Friday, September 7, 2012
A further 46 staff have lost their jobs at Great Yarmouth-based manufacturers Norfolk Capacitors Limited, administrators said today.
The firm, which employed 106 at two sites in Great Yarmouth and Gorleston, went into administration last week with the immediate loss of 20 night shift jobs.
Since their appointment, administrators KPMG have been trying to secure the commitment of the company’s customers to support ongoing trade.
However, joint administrator Chris Pole said the loss of a major contract, has led to 46 staff being made redundant, leaving a workforce of 37 across the two sites.
Mr Pole said: “We have spent several days trying to secure agreements with customers to continue doing business with Norfolk Capacitors Limited.
“While 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.”
He added: “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, which was founded in 1986 as part of a management buyout from Standard Telephones and Cables Ltd, was the UK’s largest designer and manufacturer of specialist power capacitors.
A fast-growth Norwich firm has overhauled expectations of the traditional office and put creativity at the heart of its business as it presses ahead with plans to expand overseas.