Avid’s Electro-mec division slips into administration
Thursday, December 04, 2008
Precision engineering group Avid Holdings today said that its Electro-mec (Reading) trading operation had slipped in to administration after delays in completing an order caused a cashflow crisis at the business.
Avid’s AIM listed shares were suspended from trading on November 14 after the company conceded that it was looking at how the disruption at Electro-mec would impact on the group.
Apart from order problems, Avid blamed the collapse of Electro-mec on general trading conditions coupled with continued difficulty in raising short term funding in the current climate.
Avid’s other operating divisions include Pill Protect and Alpha Anodising.
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