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Auction sale of U.K. wire manufacturer’s assets closed, multiple factors cited

The “sale closed” sign is posted on the Hilco Industrial website for the assets sale of Wrexham Wire, a U.K. company that saw its outlook decline, with Covid-19 a contributing factor.

The company, which manufactured cold heading, bedding and seating, and galvanized and engineering wire, closed on August 3 as part of an annual shutdown, but did not reopen for business. Efforts to find a buyer/investors did not succeed, and the company was placed into administration. Some 80 jobs were lost.

Per multiple media reports and the company’s website, the operation produced an average of 50,000 tons of finished products a year at its base in the Wrexham Industrial Estate. The company, which exported to 14 countries and was once the U.K.’s largest producer for the automotive and construction sectors, could not continue operations. It had been scheduled to be an exhibitor at wire Dusseldorf 2020.

Anthony Collier and Ben Woolrych, partners at specialist business advisory firm FRP, were appointed as joint administrators. The company previously fell into administration in 2015, when it traded as Caparo Wire.

“Wrexham Wire, like many of Britain’s industrial businesses, has faced a catalogue of challenges in recent months as it contended with a weakening global economy, political uncertainty and the disruption of the pandemic,” Collier said.

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