LEADING commercial furnishing company Eurotek is formally being wound up with the loss of 130 jobs.
The Bognor Regis firm, which had major contracts with the Ministry of Defence and wide range of schools and universities was formally liquidated.
Administrators Price Waterhouse Coopers have confirmed that it is being formally shut down and its plant machinery assets are being sold off online by Thursday, March 3.
As one of the area’s most established manufacturers, its £10m annual turnover led to its opening a London showroom last summer to expand its business.
Among the firm’s mix of corporate and public sector clients was a large contract for work on the replacement building for the Bognor Regis Community College.
Managing Director Terry Kuhler had given what was described by employees as an “emotional address” when the company went into administration in January.
But despite attempts to keep the company trading under the directorship of the administrators with half its 130 strong workforce, no buyer could be found.
An employee, who did not wish to be named said expressed concern at the situation. The staff member said: “Terry Kuhler told the remaining staff that the sale of the company to interested parties would not now take place due to the overwhelming amount of money owed by the company to creditors. It was with some regret he told staff that as of Thursday March 3, that Eurotek would be ok.”
Speaking on its having gone into administration, Stuart Maddison partner at PwC, said the company “had suffered as a result of the ongoing economic challenges facing the public sector.”
He said there had been a sharp decrease in its sales which resulted in difficulties meeting debt payments.
Town councillor Jason Passingham felt the company’s loss was a big blow to the town.
He said: “The Bognor Regis Forum had hoped with the start of the old LEC sites regeneration and the fact that ASDA are still interested in Bognor Regis that things the town started to take a turn for the better, but it would appear that this optimism has been short lived. “Although we have gained some now business, we are now losing one that has been a part of so many residents’ lives. These workers will all have skills that could be used by other local companies, so I would appeal that any company out there, no matter what they do, who is looking for a new member of staff, to offer these good people a chance to apply for these positions, and hopefully we will be able to keep as many of these people in work.”