Administrator expects interest in Arctic Circle13th February 2023
UK: Economic headwinds coupled with an ongoing legal dispute have been blamed for the financial difficulties confronting pioneering refrigeration company Arctic Circle.
The Hereford-based company, which was established in 1985, was placed into the hands of Birmingham-based business advisory firm FRP and joint administrators Raj Mittal and Arvindar Jit Singh last week.
In a statement, the joint administrators blamed “economic headwinds” and an “ongoing legal dispute” as the reason for Arctic Circle being placed into administration.
“Upon appointment, the joint administrators have retained all staff and, subject to customer support, will continue some limited trading while they conduct an accelerated sale process,” the statement said.
FRP partner Raj Mittal said: “ACL is a well-established operator in its sector, which has made significant strides in the decarbonisation of heating and cooling systems. We expect interest from potential buyers and in the meantime, with the support ACL’s staff, we will continue to engage with suppliers and customers as we maintain some limited trading during the sale process. We would encourage any interested parties to come forward.”
ACL operates from premises on the Rotherwas Industrial Estate and employs 74 staff.