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Formula loses the formula
01 Jul 2008
During this time the UK companies had failed to show a profit despite considerable sales growth in recent years. Formula had acquired other companies in Europe over this period, which worked in distinct markets to those in the UK and although profitable, these European operations were unable to support the UK losses.
The European companies have been recovered out of the administration and continue to trade normally in their markets.
The UK sites at Lymington and Burnham are now trading in administration with the assistance of the previous management team, completing significant contracts.
Five redundancies have been made at Lymington out of a total 29 employees and five of the 12 employees at Burnham have also been made redundant. The remaining staff will continue to work under the management of the administrator, Tenon Recovery.
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