A Midlands manufacturing firm has slipped into administration after seeing a drastic decline in sales because of the drop in demand resulting from the global financial crisis.
Wrayram Engineers, based in Hereford, supplies hydraulic cylinders for use in lifting vehicles in a number of sectors including construction and agriculture. It has a turnover of about £5?million and employs 50 people.
Tony Barrell and Rob Hunt of PricewaterhouseCoopers were appointed joint administrators of Wrayram Engineers Limited on Monday.
During the first six months of 2008 the company experienced record levels of turnover. But in the last six months sales levels declined dramatically due to the impact of the current economic environment on its customers, PwC said.