John Fisk and Richard Longman, Partners of PwC, were appointed Administrators of Acma Industries Limited on 11 October 2017. Acma is a polyurethane component manufacturer based in Upper Hutt, with approximately 40 employees. The business is now in voluntary administration.
It is the intention of the Administrators for Acma Industries Limited to continue to trade on a business as usual basis, while they assess the options available to rehabilitate the business.
Administrator John Fisk says, “The Company’s Director made the difficult decision to put the company into voluntary administration due to ongoing cash flow pressure. The Company has been in a loss-making position for some time, and a restructuring of the operations of the Company is required to return the Company to profitability. The cash flow pressures on the Company were compounded following a fire at the Company premises in January 2017.
The administration places a moratorium on creditors from taking any action. Mr Fisk said that the administrators will seek to work with the company’s customers and suppliers to continue to support ongoing manufacturing activities. During the moratorium period we will be focused on developing a plan that we hope will result in returning the business to viability. Acma has developed a number of innovative foam products that are in high demand around the world, particularly within the transport industry.