News
Hope for Cadac
Rob Hughes Jul 1 2008, 9:00am
Outlook for British theatre console manufacturer improves dramatically as bank offers support
Though little information is available at this stage, news from Cadac would suggest that the future of the company could soon be secure.
The company’s bank has decided to support it through a restructure, which is currently taking place.
Managing director, Bob Thomas explained: “The company was heading into administration as a result of pure coincidence – four desks in our sights just evaporated at the same time. It is a problem of operating in such a small market niche. Summer into autumn is one of the busiest times for us, but for various reasons, it just didn’t happen this year.”
“The bank’s advisors asked me to draw up a recovery plan, which I did, and it has agreed to support us while we action that plan and put together a new funding package.”
“This should be completed by the end of July, by which time we hope to be able to provide more details. We’re talking to a few people at the moment, and will make any announcements as soon as possible. We realise how important this is to our customers.”
Audio Pro International will bring you more news as and when it becomes available.
cadac-sound.com
