Friday, January 17, 2014

News: Redirack in administration

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Despite securing funding for expansion and strong performance, administrators have been called in to Rotherham based RediRack, the creator of the world's first adjustable frame and beam pallet racking, putting over 70 jobs at risk.

Redirack has an 100,000 sq ft manufacturing plant in Kilnhurst and is due to celebrate 40 years of continuous UK manufacturing in Mexborough in 2014. Established in 1973, they underwent a management buy out from its former owners, the Norwegian based multinational Dexion Group Limited, in 2004.

Since the takeover, Redirack has expanded its headquarters to accommodate the growing demand for its mezzanine floor product, Redifloor.

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The firm enjoyed a turnover of £11m for 2011 and secured backing from the Government's Regional Growth Fund in 2012 and Finance Yorkshire in 2013, putting plans into action to invest over £4m over the next five years including a ground breaking Innovation Centre at their head offices, creating much needed jobs in the area.

Also in 2013 the firm altered the structure of its senior management team and combined its brands to create RediGroup.

In August 2013, RediGroup said that it had experienced strong growth over the first two quarters of the financial year with order intake up 26 per cent on the same period last year.

However, the firm is yet to submit its full accounts for 2012 and PwC was appointed as the administrator this week.

Redirack website

Images: Redirack

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