Technic Ceases Trading
The Technic Group – at one time the world’s biggest passenger car tyre retreader – is the latest company to succumb to the fall in demand for car retreads. Hopes that the Technic group would be sold as a going concern proved to be unfounded. The Administrative Receiver said: “Since we were appointed, the company has continued to accumulate losses.
Despite some early indications of interest, no offers were received for the business and we can see no realistic prospect of receiving an offer against a difficult background in the retread market. As a result we have no option but to close the business.” 200 of the 250 employees have received redundancy notices and the Receivers will seek to dispose of the company’s assets.