A state-of-the-art manufacturer of pipes and fittings, once fully owned by the state, went bankrupt under suspicious circumstances, just before it’s 50th birthday.
Only a year before the 50th anniversary, the state sold 85% of the shares in the company to a private investment firm for roughly 300K (GBP). (the remaining 15% remained with the state.)
Shortly after that, the employees (while enjoying their christmas holiday), received a letter stating the company filled for bankruptcy.
Almost 400 workers lost their job and numerous attempts were made to reboot or sell the company. Unfortunately none of them successful.
A few years later, questions were raised about the initial transaction, from state to private investor, as the remaining assets of the company were estimated at a total value of 5M (GBP). (Roughly 17x the original investment of the investment firm.)
A short while ago, the site has been sold to a new owner and is currently being repurposed/renovated in order to house a production facility for a local company, potentially creating 200 new jobs.
Anyhow, enough history for today, so on with the shots;
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Thanks for looking!
Only a year before the 50th anniversary, the state sold 85% of the shares in the company to a private investment firm for roughly 300K (GBP). (the remaining 15% remained with the state.)
Shortly after that, the employees (while enjoying their christmas holiday), received a letter stating the company filled for bankruptcy.
Almost 400 workers lost their job and numerous attempts were made to reboot or sell the company. Unfortunately none of them successful.
A few years later, questions were raised about the initial transaction, from state to private investor, as the remaining assets of the company were estimated at a total value of 5M (GBP). (Roughly 17x the original investment of the investment firm.)
A short while ago, the site has been sold to a new owner and is currently being repurposed/renovated in order to house a production facility for a local company, potentially creating 200 new jobs.
Anyhow, enough history for today, so on with the shots;
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
Thanks for looking!
