Electric commercial truck maker Modec is to cease trading after administrator Zolfo Cooper failed in its attempts to locate a suitable buyer for the UK-based firm. Last month, Modec announced that it was suffering from "severe cashflow difficulties" and had no option but to enter administration.
Zolfo Cooper says that, effective immediately, Modec will cease trading and cut its workforce by 25 people. A small number of employees will remain as Modec winds down operations after four years of production at its Coventry, England site.
Zolfo Cooper released this statement regarding Modec's current situation:
And with that, we bid adieu to Modec.Despite the best efforts of the administrators, they have been unable to find a suitable buyer for the business as a going concern. Therefore, the administrators have regrettably been left with no choice but to cease trading and announce the redundancy of the majority of the remaining employees. However, the administrators have been able to achieve a sale of the remaining assets of the company.
[Source: AM Online]