Redundancies as Sheffield manufacturer R3 Products calls in administrators
Sheffield manufacturer R3 Products Ltd, has gone into administration causing 5 redundancies.
The firm had already made 14 redundancies during February 2015, prior to the appointment of the administrators.
Charles King and Hunter Kelly of EY’s Restructuring team were appointed Joint Administrators of R3 Products Limited on 18 February 2015.
Shortly following the appointment of the joint administrators, R3 Products Limited ceased to trade.
Four of the Company’s remaining five employees have subsequently been made redundant and all former employees are being offered support in making claims for redundancy and notice pay.
One employee has been retained to assist the Administrators for a short period.
Charles King, joint administrator of R3 Products Limited, commented: “R3 Products Limited incurred losses since it was established in 2011, funded by a number of investors.
“Despite management’s efforts to save the Company, the continued funding of the losses became unsustainable and Administrators were appointed.
“It is with regret that the company’s remaining employees have been made redundant. We are now in the process of realising the Company’s assets and winding down its operations.”
Any parties interested in acquiring the assets of R3 Products Limited should contact the Administrators.
This was posted in Bdaily's Members' News section by Clare Burnett .
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