Ceramaspeed, makers of cooker hobs, goes into administration

Based in the county of Worcestershire, Ceramaspeed are a popular manufacturer of modern ceramic cooker hobs. During 2008 they had employed three hundred people, but have been forced to go into administration.

Due to external fiscal problems, sales had dropped sharply since September. Upto this month the company was producing a healthy turnover of forty six million pounds. Their hobs were used by a selection of top cooker manufacturers.

The companies manager is desperately searching for a new owner, hoping the company can continue in some form, and hopefully keep a good percentage of the workforce employed. A company spokesperson has indicated that a few parties may be interested in the company, and a trading/sales plan is being drawn up.

Ceramaspeed do not want to prematurely get hopes up, stating that the company could still permanently close, and job losses were possible. Speculation at this point would be inconclusive and most likely misleading.

The sole reason for the administration procedure is the tough worldwide economic slowdown. Demand has dropped considerable from all parts of Europe and North America. The company made the mistake of not resizing fast enough, with management not realising the extent of the fiscal disaster.

Up until the end of 2008 manufacturers of appliances had been in rude health. This was mainly due to the massive housing boom in the UK, US and Ireland. Now that many construction projects have hit the skids, a large percentage of appliance manufacturers have considerable cut their workforce's.