Cadac in administration: update17 June 2008
UK: MD Bob Thomas believes that the company could find a buyer soon, writes Barney Jameson. Speaking exclusively to Pro Sound News Europe last week, Thomas (pictured) stressed the importance of maintaining the company’s R&D team, citing this as the principle motivation for achieving a fast sale. Based in Luton, Bedfordshire, Cadac has been manufacturing consoles with appeal to the recording, broadcast, touring and fixed installation markets since 1968.
“There are several interested parties who have expressed an interest or asked for more information, and I’m very hopeful that we’ll get a result very, very quickly,” Thomas explained on June 10th. “I’d be very disappointed if we couldn’t make an announcement to the staff and get them back in the building within a week or so. It’ll have to be that quick to keep the R&D teams together.”
The British manufacturer entered administration as a result of unexpectedly poor summer sales. “The expected summer sales just didn’t come through,” said Thomas. The news has sparked concern that Cadac’s much-anticipated S-Digital console may now not enter production, despite advance orders worth approximately _2 million. However, Thomas is quick to point out that the company’s position is entirely voluntary.
“The sudden drop off in sales meant that I had no choice but to go to the shareholders and say that the company had a problem and that we needed to stop before our liabilities exceeded our assets. At the moment our assets exceed our liabilities and with luck and a fair wind everybody should come out fine.”
He adds that his priority is ensuring the survival of the Cadac brand. “I owe that to the people here. They have spent years of their life working flat-out to develop a project and keep a company going. I owe them a tremendous amount and I don’t want to let them down. I’m determined to do everything in my power to protect their jobs.”
As for his own position, Thomas is unsure of what the future holds. “I’m here until the administrator decides I’m of no use to him, and then I go. But most of all I want to keep the company running because I love it. It’ll be an absolute tragedy if this thing slips. I don’t want to leave this behind and I’ll be heartbroken if I do.”
Keep an eye on the Pro Sound News Europe website for further updates.
Web » www.cadac-sound.com