Maerdy compounder Crosslink goes into administration

Maerdy, Wales - Crosslink Ltd, the rubber compounder based in Maerdy, South Wales has gone into administration. Alistair Wardell and Nigel Morrison, of Grant Thornton Recovery and Reorganisation were yesterday (Monday) appointed joint administrators of Crosslink Ltd by its directors.

The joint administrators issued a statement saying, "The company, which is a manufacturer of rubber compound and a supplier of rubber components, mainly to the European automotive industry, has experienced trading difficulties because of the competitive nature of the sector in which it operates."

The company currently employs 140 and continues to trade while negotiations take place with customers to seek funding to support continued trading. “If funding is obtained the company will trade under the administrators' control while a buyer is sought for the business on a going concern basis. Grant Thornton is currently in discussions with major customers to secure ongoing funding.” said Wardell.

Crosslink was created in January, 2005, when a previous business, United Polymers, was acquired from administrators by a new management team. United Polymers went into administration in October 2004, when it employed about 300. United Polymers also operated a small unit in Corsham, near Bath and a unit at Hranice in the Czech Republic, but these were sold separately in 2004 and are not connected with Crosslink in any way.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Website of Administrators