Contact: Jo Ouvry
Deloitte
Public Relations
+44 (0) 20 7303 0587

Contact: Ali Agmen-Smith
Deloitte
Public Relations
+ 44 (0) 207 303 0514

Lee Manning, Ian Brown and Bill Dawson of Deloitte have been appointed administrators of FWL today.  FWL is a manufacturer of carbon fibre precursor and speciality fibres from leasehold premises in Grimsby.

The Administrators continue to negotiate with the key suppliers and customers to establish a basis for continuing to trade. This will allow time for the potential disposal of some or all of the business as a going concern.

The Company has struggled due to the high cost of gas and raw materials that were not passed on to the customers, significantly reducing margins.

Lee Manning said “We are looking to continue to trade the Company whilst the business is marketed as a going concern and are speaking with the customers, key suppliers, as well as potential interested parties.  He added:  “The reaction of the 218 strong workforce to the appointment has been first class and the continued support of the employees will be essential if a successful outcome is to be achieved”

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Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein whose member firms are separate and independent legal entities.  Neither DTT nor any of its member firms has any liability for each other’s acts or omissions.  Services are provided by member firms or their subsidiaries and not by DTT. Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority. The information contained in this press release is correct at the time of going to press.