Staff Meeting 9/9/21
There has been a site visit, there has been an introduction to a third party.
As we stand, we do not have a proceedable offer. We are not in a position to complete on an offer. Not received proof of funds
They were aware that the company (Cleveland Bridge) would continue to lose money for the next year. Due diligence has been ongoing, but proof of funding has not been shown.
We have interest in the buildings but not continuing the production facility.
As we stand now, we have gone out to all the businesses that expressed an interest to see if this is attractive as a bolt on facility.
It is more likely than not that a deal will not go through.
Phil has reached out to companies to offer design services etc to try to narrow the gap on profit.
Due to this we are looking at a wind down of the production. We would need to make the majority of the staff redundant. We will be asking some staff to continue to wind down the business, this will be on a voluntary basis. We do not know the exact date production will cease. Notice of termination will be officially given on the last day of production so as not to compromise pay in lieu of notice claims.
There will be some redundancies today if we do not receive some information regarding funding. Most likely those on furlough. All pay would include holiday pay post appointment, pre appointment may be paid if cashflow allows. Union rep requests to be onsite on Monday to discuss
Questions - Is there a plan to sell the social club as business - Staff are being transferred into its own entity, solicitors are assisting with this. The property is also being transferred to its own entity. The social club will run the same.
Pensions will be paid. Aviva put in a claim to FRP for pensions to be paid prior to Administration starting. Pension payment since Administration have been paid.
Meeting scheduled for 16/9/21 but may have one earlier if more news.
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