Gloucester-based Service Aluminium Co Ltd (
www.serval.co.uk) has gone into administration following a period of losses that led to “considerable cash-flow pressures”.
All 22 employees at the aluminium die-extruding business have been made redundant, and the administrators said they are now negotiating with potential buyers for the business and its assets.
Service Aluminium, which can trace its history back 40 years, ceased trading prior to the appointment of Graham Randall and Mark Roach from Quantuma on 19 May.
Mr Randall said: “The company had its busiest ever year in 2008 and geared up considerably, extending its premises and taking on additional staff, but a drop in sales and margins the following year led to it entering into a five-year Company Voluntary Arrangement.
"Although the company completed the CVA six months ago, further losses were incurred and new liabilities were accumulating, resulting in its credit rating falling. The company’s largest supplier recently withdrew its support.”