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.
How inner-city living can transform a city by the sea
Artificial intelligence's value is the time it gives back
Why we must break the magnetic pull of London
AI scepticism is healthy - inaction isn't
What does NPPF mean for planning gain and pricing?
What new NPPF rules mean for landowners
The hidden cost squeezing Britain's economy
Teesside deserves more than cashback devolution
Construction must be built on commercial discipline
Devolution needs financial firepower to drive growth
The value of creating a stronger careers route
Apprenticeships: Invest in talent or keep chasing it