ACR-News

SWANSEA firm Pontardawe Refrigeration Products is to fold and 35 workers have been laid-off.
The job losses were made after liquidators were called in to assess the company, which in recent months has suffered a fall in orders, adding to its financial burdens.

One of the company's customers, the Auxilia group, went into administration in 2007 and its subsequent liquidation resulted in hefty losses for Pontardawe Refrigeration Products. Another of the Swansea firm's big customers the Denman Group went into administration in March 2008, bringing further financial pain to the firm.

Managing director Jon Godsall said: 'The company's situation is mainly due to these two large debts and the seasonal downturn in orders since October'.

A creditors meeting is scheduled to take place on January 30.

Jon Godsall intends to carry out a management buy out and remains cautious but optimistic of success.

Godsall said 'There is a very strong possibility of a management buyout. Everything is dependant on decisions made at the creditors meeting. If an MBO takes place I would look to take on most, if not all staff.'

Pontardawe Refrigeration Products has been trading since 2000, and the products it supplies include compressors, control panels and condensing units.