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Sink manufacturer Astracast has recovered from administration, despite 42 redundancies at the company, following a new trading business acquiring Astracast Ltd.
Julien Irving and Andrew Poxon of Leonard Curtis Business Solutions were appointed joint administrators of Astracast Ltd on March 16, 2016.
Julien Irving commented: “The business experienced a downturn in trading, which resulted in operations not being commensurate to its manufacturing and premises costs. On this basis the company was unable to avoid administration.
“Whilst 42 staff were made redundant, we are pleased that a sale of certain business and assets of the company has preserved 103 jobs.”
Managing director of Astracast Darren Cooper commented: “We sought expert advice on how to deal with these totally unforeseen circumstances. A new trading business subsequently acquired the elements of Astracast Limited that would allow us to seamlessly continue to run our business without the crippling costs that we were faced with since last year.
“The new company is Astracast International Holdings Limited. Business as usual for all our customers is the overriding message.”
He continued: “We would like to reassure our customers that they will see little or no change in how we do business and they should remain unaffected by this change. The manufacturing of granite composite sinks continues in our newly commissioned Maltese factory. Astracast will remain a strong brand and we are confident that we can ensure a smooth transition.”
Cooper added: “We also have exciting product developments in the pipeline and we are continuing to invest in the design and production of a new range of sinks in composite, stainless steel and ceramics. This new portfolio was unveiled at kbb2018 underlining our long term commitment to the industry, our trade customers and our plans for growth.”