Nearly 80 jobs at risk as Statestrong goes into administration again
North West manufacturer Statestrong Products Limited has gone into administration for the second time in months, putting the jobs of its 78 employees at risk.
The Lytham Saint Annes and Tarporley-based firm, which makes cleansing products, will continue to trade as normal while it looks for a buyer.
Two parters at advisory and restructuring company FRP Advisory, Russell Cash and Ben Woolrych, were appointed as joint administrators after Statestrong’s recent efforts to attract investors failed.
With its order book currently standing at £1.5m, Statestrong supplies more than 500 different own-brand products to the household cleaning, auto, personal health and industrial markets in the UK and across Europe.
Statestrong underwent a restructuring process in December last year and expanded rapidly but, according to FRP Advisory, this resulted in the exhaustion of the company’s working capital facilities.
Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →
Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.
OpenAI decision a wake-up call for our tech plans
Understanding the new Employment Rights Act
Why global conflict is a cyber risk for UK SMEs
Improving safety and standards in construction
From economic engine to community ecosystem
Improving North East transport will improve lives
Unlocking investment potential before year end
Give us certainty to deliver better homes
Hormuz: Safe passage - not insurance - the issue
Don't get caught out by employment law change
When literacy thrives, our businesses thrive too
Building a more diverse construction sector