UK: Kent-based cold store company International Controlled Atmosphere Ltd (ICA) has closed down with the loss of 74 jobs.
A leading designer and builder of controlled temperature buildings for agriculture, the company is said to have been beset with cash flow problems due to contractions in the farming and agriculture sector.
“After exploring a number of restructuring options, with cash flow pressures becoming unsustainable, the Company was left with no viable alternative other than to seek the protection of Administration in interests of all creditors,” the administrator FRP Advisory has said.
“It is hugely regrettable that a Kent business with a loyal customer base has had to close its doors, following several years of unsustainable cash flow pressures. We will continue to realise the assets of the business in the interests of the creditors,” added Philip Armstrong, joint administrator at FRP Advisory.
The family business was formed in 1901 as building company Harry Lawrence Ltd. It built its first gas-controlled apple store in 1937 and became known as ICA Ltd in 1998.