Eros Laboratories, a toiletries packing company based in Metheringham near Lincoln, will go into liquidation on January 25.
The P&A Partnership in Sheffield, who had been working with the company’s directors to try to save the business, confirmed today (January 13) that 75 full time staff and 25 temporary workers were made redundant earlier this week.
Gareth Rusling, a partner at P&A, said: “Eros Laboratories was a significant local employer and we are doing everything we can to help those made redundant. We have been on site assisting with claim forms for the redundancy payments and Jobcentre Plus have also visited the site to offer tailored support to those affected.”
“The business had been struggling for some time and had cashflow problems. We have not ruled out finding a buyer and will continue with our efforts to try to sell the business.”
Gareth Rusling is urging other businesses who have had a difficult trading time over Christmas to ask for help from their accountant or other professionals: “These are tough times for any business. Sometimes having a fresh pair of eyes on your business can help. Critically, the earlier you bring in an expert outside view the better chance of either re-financing or turning around the business. The longer you leave it the less likely a rescue can be found.”
The P&A Partnership is a leading specialist turnaround and insolvency firm with offices across the UK and in London. Their support for businesses includes restructuring, finance brokering, debt collection and selling assets.