A UK manufacturer of structural insulated panels (SIPs) has ceased trading and appointed administrators from insolvency and restructuring firm CVR Global to manage the affairs of the business.
Elias Paourou and David Oprey, partners at CVR Global, were appointed joint-administrators of Sips Frames UK Limited, trading as Sips Eco Panels, on October 13.
The administrators have confirmed that they are in talks with a number of parties interested in buying the business.
All 40 staff at Sips Eco Panels’ factory in Glenrothes, Fife and head office in Sudbury have been made redundant.
The company produced SIPs, which are structural frames made from a sandwich of two layers of structure - usually oriented strand board (OSB) - and a layer of insulation, for the construction industry.
“Our appointment has come as a result of the company running up substantial losses which has led to contracts not being fulfilled,” Paourou said.
“Many of its customers are people who have taken on self-build projects and have paid for products which have not been received, so the situation will be devastating for a lot of people.
“We are in the process of carrying out a full review of the company’s affairs, but unfortunately the company has ceased trading and all staff made redundant while we attempt to find a positive outcome.
“We are in talks with parties who are interested in buying the business and will be updating creditors in due course.”