LONG established Staffordshire Moorlands copper manufacturer Thomas Bolton Ltd has gone into administration.
The Froghall based firm, which makes copper products for the power industry, employs 110 people - whose jobs are now at risk.
It was confirmed today (Wednesday) that Manchester based advisory and restructuring specialist Zolfo Cooper LLP had been appointed to try to find a buyer for the business.
The news comes three weeks after an explosion occurred at the factory which residents claimed shook their houses and clouds of orange smoke appeared over the site.
The Post & Times reports this week that the company has been fined £19,050 plus £10,361 in costs for a separate incident after pleading guilty to single breaches of the Management of Health and Safety at Work Regulations 1999, the Health and Safety at Work Act 1974 and the Provision and Use of Work Equipment Regulations 1998 at Stafford Magistrates.
The court case came after a 63-year-old worker suffered life-changing injuries when he was hit on the head by a metal peg.
In a statement to the Post & Times, Zolfo Cooper LLP said that Graham Wild, Andrew Palmer and Anne O’Keefe, have been appointed Joint Administrators over Thomas Bolton Limited (the Company), on March 24 2014. The company will continue to trade while the administrators market the business for sale as a going concern.
The Joint Administrators said they were appointed due to the company experiencing short term cash flow difficulties and administration was the only option which would allow the business to continue to trade and to retain its employees, while the business is marketed for sale.
Graham Wild, Partner at Zolfo Cooper, said: “We believe the Company is an attractive proposition to a range of potential buyers given its expertise and excellent product range. We welcome expressions of interest from third parties to acquire the business as a going concern. We would also like to thank the staff for their continued support and professionalism during this process.”
Thomas Bolton has been trading for over 200 years and is the sole British producer of copper and copper alloys supplied to a number of major electrical industries worldwide. It has an extensive product range, skilled workforce and diverse customer base. It is based in Froghall.