Concrete firm Twintec seeks buyer as turnover halves
Rugby-based concrete firm Twintec has filed its intention to appoint an administrator.
The company, which has been around for more than 20 years, specialises in jointless steel fibre reinforced concrete flooring. It has run into trouble in the past few years with its turnover falling from £24m in 2012 to £13m currently.
The firm produces around 300,000 sq m of industrial flooring slabs each year, with around £1.3m of work in progress and an estimated pipeline of £1.9m in contracts.
The owners of the business have instructed Midlands accountant Smith Cooper to seek interest in a buyer for the business.
In the invitation to bid for the business the firm says the deal is likely to be concluded by an appointed administrator as a pre-pack deal.
Twintec employs just over 20 staff, down from 68 at its peak in 2012.
The firm is a 100% owned subsidiary of Luxembourg-based Twintec International SA.
The last year has proven difficult for a number of specialised firms with many well established companies having to call in administrators.