Shock Tec, manufacturers of shock absorbers for a wide range of vehicles, including race cars, kit cars and bikes and has entered into administration.
The news comes after the failure of a restructuring programme aimed at improving the Weymouth-based firm’s cash-flow.
Partners at FRP Advisory, Andrew Sheridan and Ben Woolrych have been selected as joint administrators.
The restructuring scheme, which included job cuts and the sale of equipment, unfortunately was unable to save the business.
Firm bosses sought advice, but the reduction in turnover resulted in administrators actioning a cease in trade and redundancies of the remaining two employees.
Andrew Sheridan said: “It is disappointing that, after such a promising first year’s trading in a crowded market-place, Shock Tec has had to close.
“Attempts to cut costs and overheads this year could not make up for a sharp decline in turnover, which ultimately forced the company into administration.”
