Scottish tower maker CS Wind UK falls into administration
Image by MACC Developments Ltd (www.machrihanish.org)
CS Wind UK Ltd, a tower manufacturer for the offshore and onshore markets, part of South Korea’s CS Wind Corp (KRX:112610), has been put into administration.
FRP Advisory’s Michelle Elliot and Tom MacLennan have been appointed as joint administrators who will now market the company’s assets for sale.
CS Wind UK was set up in 2016 after CS Wind acquired the Wind Towers Scotland (WTS) business. It is located in Campbeltown, Argyll, Scotland, at the MACC business park.
The company has been mothballed since February last year, which has led to the loss of 94 full-time jobs, according to Machrihanish Airbase Community Company (MACC).
“The confirmation that CS Wind UK Ltd have not been able to secure contracts for any of the UK’s many offshore projects is very disappointing and demonstrates that further policy support is needed for UK manufacturing operations,” MACC chairman Cameron McNair commented on Wednesday.
“CS Wind (UK) and its predecessor businesses have a long tradition of designing, manufacturing, and supplying high quality wind tower solutions to clients across the UK and Europe. The wind tower industry has hence had a significant presence in Argyll for many years, but market conditions have unfortunately resulted in the business being unsustainable and with no immediate prospect of recovery,” said joint administrator Michelle Elliot.