The Elite Cameron name is back in business following a voluntary liquidation in April, says TS Converting Equipment. Former directors Tim Self and Peter Daly bought the business assets and intellectual property from the liquidator in June, offering to complete all the machines that were on order at the time of the collapse.
“Most of the customers have chosen to have their machines finished, ” says Tim Self . “The past events have caused some delays but we are working to get the machines to the customers within the original costs and timescales.” He says the funds generated from the sale of the work in progress will go to the liquidator for eventual distribution back to the creditors. The company has managed to retain all the key staff from the previous business, and is trading from its factory in Taunton, UK.
“Our situation was very unusual ” he explains. “We got into severe cash flow difficulties when some proprietary equipment from a supplier on a large capital project experienced severe technical difficulties. The delays caused a huge backlog of work; pressing supplier commitments coupled with substantial re-organizational costs in the USA left us with no alternative when the banks refused to help with a temporary facility. The good news is that we are up and running and able to provide the same high level of service and quality equipment we have always been associated with.”
The company expects to sign a new manufacturing license for the sale, manufacture and service of its machines in the USA. “We will focus on our core activities outside the USA,” adds Peter Daly. “We will be supplying our patented differential shafts, core cutters, slitter rewinders, coating and laminating machines while providing service and support for all of our equipment around the world.”
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