Date:21.09.2014Time:16:07
profi Tractors and Farm machinery for farmers and contractors
Source:http://www.profi.com/news/Redrock-Engineering-goes-into-administration-39074.html

Redrock Engineering goes into administration

Redrock Engineering goes into administration

Northern Ireland firm Redrock Engineering has called in administrators following the double whammy of reduced spending in the agricultural market and the economic downturn in the construction sector. Established in 1976 by Sam Hughes the County Armagh based manufacturer of telehandlers, trailers and slurry equipment employs 80 staff. In a press statement Mr Hughes said, "we have a highly skilled staff who deserve recognition of their talents, hard work, loyalty and dedication to this Company. I want to pay tribute to them and express my deepest regret that they are facing this uncertainty." "This is a sudden and distressing situation for the directors, management and staff. Up until this point we have been a successful company however we have found it increasingly difficult to manage the downturn in spending in both the agricultural and construction markets. Over the past 18 months, there has been a very substantial reduction in demand for construction products and the difficult trading conditions in the agricultural industry have resulted in a reduced demand for products, particularly over the past six months. We have been faced with major cash flow challenges that have become impossible to sustain. Given the significant financial difficulties we had no choice but to appoint administrators". Sean Cavanagh of Cavanagh Kelly Chartered Accountants who are acting as administrators has advised that a review of the company's operations is being conducted with a view to assessing the options open to the business, which may include selling the company as a going concern. In the interim the company will continue trading, however manufacturing as of October 29th has been temporarily suspended. Trailers and slurry equipment have been key products for Redrock who surprised many by entering the pivot-steer telehandler market in 1999 with the TH300. This was followed by the 175hp TH500 in 2001 with a massive 5,000kg lift capacity to 5.8m. Earlier this year Redrock unveiled an update to its telehandler range with the TH320 and also showed a new modular slurry tanker with the injector system mounted to the chassis.


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