UK: The joint administrators of beleaguered Hereford-based refrigeration company Arctic Circle have confirmed that they have started the process to wind-down the company’s operations.
In a statement, specialist business advisory firm FRP said: “An accelerated sales process was conducted but, without the prospect of a going concern sale and a viable offer, trading has now ceased. Regrettably, the roles of the majority of the business’ 74 staff have been made redundant. A small number of staff have been retained to assist the administrators.
Raj Mittal, partner at FRP and joint administrator told the Cooling Post: “We received interest for the business but the offers were not viable and we therefore had to make the difficult decision to cease trading and start the wind-down process. Unfortunately, that has meant making most of the remaining roles redundant.”
Following their appointment on February 7, the joint administrators blamed “economic headwinds” and an “ongoing legal dispute” as the reason for Arctic Circle’s failure. The company’s most recent accounts to the end of March 2021 record a turnover of £6,147, 110, with an operating profit of £112,912.
Arctic Circle was formed in 1985 by husband and wife team Eddie and Debbie Gittoes, supplying refrigeration plant for the retail food industry. The company proved to be a true refrigeration innovator winning a host of awards. The death of Eddie Gittoes, a former president of both FETA and the BRA and a huge influence on the refrigeration industry, in 2013 saw Debbie Gittoes taking over the reigns as MD. Son Mike took over as MD in 2020, with Debbie Gittoes becoming chair.