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Technocover subsidiary goes under

Created on 20/05/2011 @ 13:48
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Jones of Oswestry, a wholly owned subsidiary of Welshpool firm Technocover, has been placed into administration today (Friday).
A company statement said that Technocover will consolidate manufacturing at its Welshpool site which has had a significant impact on the viability of Jones of Oswestry, leading to the appointment of Deloitte as administrators.
“The administration will result in the regrettable loss in the majority of the 56 Jones’ jobs,” the statement read.
Technocover acquired Jones of Oswestry from Administration in 2003, investing significantly to try and revive its independent fortunes. But the downturn in the building and construction market led to a decline in demand for its products.
Technocover said that the consolidation of its operations at Welshpool should lead to more streamlined delivery of its “increasing order book” with increased investment that could create more jobs.
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