Jobs at risk as administration looms
- Credit: Archant
A LADDER manufacturing firm will go into administration, leaving dozens of jobs at risk.
Titan Ladders Limited, which is based in Mendip Road, Yatton, will be closed down unless a buyer is found to rescue it.
Increasing competition from overseas businesses and the rise of online sales have been highlighted as key factors behind the company’s demise.
Titan Ladders Limited has traded for more than 80 years and had an annual turnover of about £5.5million, but that has not stopped it struggling financially.
An accountancy firm was appointed at the end of last week to oversee the company’s administration process.
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Tim Ball, who is heading that effort for Bristol-based accountancy firm Mazars, said: “It is very sad to see another long-established British manufacturing business struggling to compete with overseas competition and internet sales.
“A number of redundancies have already taken place and the company will enter administration in the coming days.
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“The proposed administrators are actively seeking a buyer for the business and assets.”
A total of 44 employees are on the Titan payroll.
However those jobs are now at significant risk of being lost and the headquarters sold off, unless the administrators can find a buyer quickly.
Titan manufactures and sells ladders made of aluminium, timber, fibreglass and steel for home as well as business use. It is currently the largest manufacturer of ladders in the UK.
Bruce Candy, a director at Titan, said it was a difficult decision to make.
He said: “The directors would like to thank all of their trading partners for their loyalty and support over the years.
“We regret the need to take this action.”