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Pod maker Badekabiner goes under again
Bathroom pod specialist Badekabiner has collapsed for the second time in two years.
The Northumberland manufacturer is in administration again with the loss of 82 jobs.
Galliford Try is among the creditors owed cash after retaining a stake in the firm following a previous rescue.
Badekabiner blamed cash-flow problems caused by declining workloads and the collapse of a major customer which owed it nearly £500,000.
Administrators at Leeds-based PKF are looking for a buyer for the firm which had an order book of more than £8m when it collapsed and had been targeting revenues of £12m this year.
PKF partner Charles Escott said: “The business could potentially be quite successful again. It has a strong order book, considerable assets and potential workforce which is keen to get back to work.
“We have had quite few companies in the construction industry come to us already who are interested in buying the company and we will be looking to make a sale to the right buyer soon while keeping open talks with its customers, many of whom will want to resume supply of the bathroom pods into their developments quickly.”
Escott told nebusiness.co.uk that the firm’s books were still being examined but it is believed it owed more than £1m to suppliers, HMRC and to building giant Galliford Try, which owned 25% of the business before its collapse.
One supplier said: “We lost out before but were happy to carry on working for the business because it had a big name like Galliford Try behind it.
“But we have lost out tens of thousands of pounds this time, which is a lot to a small company.”
The firm was mainly owned by York-based entrepreneurs Andrew Forshaw and Mike Hampton who bought out a 75% stake from Galliford Try last August.
Galliford had only owned Badekabiner since November 2010 when it had bought it out of administration after original Danish owner EJ Badekabiner pulled the plug.
The firm was a major supplier on the Olympic Athletes Village where the ODA propped it up financially to keep work going.
The pod maker has been hit by the downturn and bad debts