ALMOST 400 people have lost their jobs as an Alcester-based electrical and mechanical contractor enters administration.
The Tything Road-based EIC Limited, which was founded in 1971, had an £80 million turnover, with 408 employees.
Kevin Coates, Sarah O’Toole, and Catherine Williamson of global business-advisory firm AlixPartners Services UK LLP (AlixPartners), were appointed joint administrators over EIC Limited on June 16.
In a joint statement they said: “The company’s financial distress was driven by increasing pressure from its creditors as a result of a poor recent trading performance, underpinned by an ever increasing competitive market.
After exploring all options available, management concluded that the cash pressures were too great and there was no alternative but to place the company into administration.”
Some 398 people have already been made redundant, while 10 have been retained to assist the administration.