A new management team – which had been brought in last December to restructure the business – finally had to call time on the firm following severe cash flow problems and disruption to supplies caused by the insolvency of its principal manufacturing supplier, Heller SA in France.
The administrators have made 31 redundancies out of the 41-strong workforce. Grant Thornton is now looking to sell on the brand names and IP – including Airfix and Humbrol - to a potential investor.
Keith Hinds from the firm said: “As a consequence of the uncertainty of product supply, deliveries to customers are being limited to despatches from current stock lines and ongoing trading is extremely restricted. These redundancies are unfortunately the inevitable consequence of the circumstances faced by the company.”