Herald Electronics, the Midsomer Norton-based sub-contract electronics manufacturer, has gone into administration with the loss of 54 jobs.
David Gilbert and Graham Randall of BDO have been appointed joint administrators. They had hoped to arrange a managed wind-down of the business with the support of customers and suppliers but, due to the firm’s heavy losses, this was not possible.
Mr Gilbert said: “The current economic climate and difficult trading conditions significantly affected the business.
“Regrettably, the losses being incurred by the company are not sustainable over a wind-down period and therefore operations have ceased.”
“The joint administrators are taking all necessary steps to mitigate losses to all stakeholders and, going forward, will seek to maximise recoveries for the benefit of all creditors.”
They are now seeking a for the company’s assets.
