110 redundancies at Caip
A technical engineering business with a site in Northampton has gone into administration with 110 jobs lost.
Administrators from KPMG have been called in at Warrington-headquartered Caip Ltd, a £25m-turnover service provider to the telecoms, renewable energy and construction sectors. The business has now ceased to trade.
Paul Flint and Brian Green from KPMG's restructuring practice in Manchester are handling the case. On appointment they made 110 staff redundant, keeping on just seven employees to help with an orderly wind-down.
In addition to the Daresbury head office, Caip had smaller sites in Northampton, Lymington and Didcot.
Paul Flint, associate partner at KPMG, said: "The company has experienced a number of delays on contracts with key customers which has had a significant impact on its cash flow which has contributed to its failure."
In the latest annual accounts available, which cover the year to 31 March 2013, Caip reported a turnover of £25.4m, up from £17.8m a year earlier. It was also profitable, making a pre-tax profit of £829,800.
The business only opened its office and warehouse facility in Northampton in July 2013, taking a site with 3,000 sq ft of office space and warehousing with 30,000 sq ft of storage.
Speaking at the time, business support manager Paul Shelswell said: "This is further investment from Caip, to constantly improve the environment in which we work and provide more efficient services to our customers."