Jobs go as Sudbury-based insulated panels firm Sips Frames UK goes into administration
- Credit: PA
Nine jobs have been lost in Suffolk following the appointment of administrators at structural insulated panels specialist Sips Frames UK Ltd.
Elias Paourou and David Oprey, partners at insolvency and restructuring firm CVR Global, have been appointed joint-administrators of the company, which traded as Sips Eco Panels and has a factory at Glenrothes in Fife, Scotland, and its head office in Sudbury.
CVR said in a statement that the administrators are in talks with a number of parties interested in buying the business, but all 40 staff – nine in Sudbury and the rest in Scotland – had been made redundant.
“Our appointment has come as a result of the company running up substantial losses which has led to contracts not being fulfilled,” Mr Paourou said.
“Many of its customers are people who have taken on self-build projects and have paid for products which have not been received, so the situation will be devastating for a lot of people.
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“We are in the process of carrying out a full review of the company’s affairs, but unfortunately the company has ceased trading and all staff made redundant while we attempt to find a positive outcome.
“We are in talks with parties who are interested in buying the business and will be updating creditors in due course,” he added.
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The company produced “SIPs”, structural frames featuring a sandwiched layer of insulation, for the construction industry.