Deloitte has been appointed to work with the existing management of the Company to ensure that the businesses continue to operate with the minimum of disruption whilst both restructuring and sales options for the Company are fully considered.

Neville Kahn, who is leading the Administration team from Deloitte, commented:

“We have the full co-operation of management and are in the process of having discussions with all stake-holders (including customers, suppliers and employees) with our primary objective being the survival of the Company as a going concern”.

Acordis manufactures acrylic fibres and sells them into three principal markets – Commodity Fibres, Speciality Fibres and Carbon Fibre Precursor.  The Company operates from a 240 acre freehold site in Grimsby and leasehold site in Bradford.  The Company employs 475 employees.

Ends

About Deloitte
In this press release references to Deloitte are references to Deloitte & Touche LLP.

Deloitte & Touche LLP is the UK's fastest growing major professional services firm based in 21 UK locations, with over 10,000 staff nationwide and fee income of £1,246 million in 2003/2004. It is a member firm of Deloitte Touche Tohmatsu, a leading professional services organisation, delivering world class audit, tax, consulting and corporate finance services, with around 120,000 people in over 140 countries. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity.

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.