Administrators make full scale redundancies at troubled Stonehouse manufacturer
ALL 125 staff at troubled LightSpeed Construction Ltd in Stonehouse have been made redundant by the company’s administrators.
The accommodation units manufacturer was placed in administration last week by its former owners UNITE Modular Solutions.
LightSpeed acquired the business from UNITE at the end of June but since then staff did not receive salaries on time for two months running.
Following September’s missed pay date, the factory – based at Stroudwater Business Park – has remained closed.
In a statement, Andrew Sheridan of Bristol-based administrators FRP Advisory said: "LightSpeed had run out of cash and had not met its September payroll commitments.
"By the time we were appointed the business had already ceased trading and the workforce had been sent home.
"With no funding available we had no alternative but to make the entire workforce redundant.
"Our team of specialists are assisting the employees to calculate and submit their claims to the Redundancy Payments Service.
"Our priority now, as well as continuing to assist the employees, is to secure a purchaser for the business and assets and we are already in discussions with interested parties.
"It is too early yet to comment on the likely outcome of those discussions and negotiations."