Administration of IO Electronics
A Poole electronics firm has fallen into administration with the loss of 30 jobs, bringing down other firms with it.
Partners Carl Jackson and Andrew Watling in the Southampton office of corporate recovery and restructuring specialists Quantuma have been appointed administrators at IO Electronics which operated from Units 3, 4 and 5, Holes Bay Park, Sterte Avenue West, Poole.
All 30 employees were made redundant prior to Quantuma being appointed.
The business, which had a turnover of around £2 million, operated from a 12,000 sq ft manufacturing and administration complex, working in several sectors including automotive, industrial control, heavy industrial, aerospace, defence and petrochemicals.
Mr Jackson said the company, formed in 2002, had been loss-making, lacked capital and suffered from cashflow issues.
“Having reviewed the level of orders, we have re-engaged some of the former employees in order to fulfil customers’ orders. It is still early days, and the outcome for the business is uncertain. However, we have had a lot of enquiries and are hopeful of finding a buyer for the business in the near future,” he commented.
Three other companies, CSM Electronics, of Wareham, Stingnet and Rilform, all linked to IO Electronics, are also being handled by Quantuma.
In June 2016, the business of CSM Electronics, which had been established in 1989, merged with that of IO Electronics, the idea being to form a £5 million turnover business under the IO Electronics brand based at the Poole site “in a bid to become one of the UK’s largest players in the electronics subcontract manufacturing arena”.
Parties interested in the IO Electronics business should contact Paddy Gastrell of the administrators’ agents, SIA Group, on 01273 621317 for further information on the business for sale.
For further information, please contact:
Marie Wadeson, Head of Marketing,
Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS
Tel: 07464 545678
Andy Skinner, Managing Director, ASAP PR – 07990 978257
Twitter – @quantuma1
Notes to Editors
Quantuma LLP is a leading restructuring and insolvency practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton and Bristol.