Drop in sales behind Wisbech windows firm closure
Declining sales in a "depressed market" have been blamed for the closure of a Wisbech windows company.
There was speculation on social media over what had happened to force family-firm Economy Windows to shut its gates last week.
Now in a statement company director James (Jim) McClure, has explained the problems his firm were facing and why he took the decision to cease trading.
The statement, issued via Birmingham-based accountants Baldwins said: "It is with deep regret that we have had to cease to trade.
"We have made every effort to try to reverse the effect of declining sales in a depressed market place by cutting overheads wherever possible, but it proved insufficient to address the position.
"I had no alternative but to seek professional advice, which has culminated in proposing a creditors voluntary liquidation."
The company employed seven people including Mr McClure, and they have all been made redundant.
Baldwins Accountants have now begun the process of proposing a creditors voluntary liquidation.
Margaret Carter, associate director at Baldwins, said: "We expect the company to formally enter liquidation by March 6 2020. The company does not take up front deposits, meaning no customers have been left financially out of pocket."
Staff have reportedly not been paid and Ms Carter said once the company has formally entered liquidation claims for wages, outstanding holiday pay and compensation for loss of notice and redundancy pay will be dealt with by the National Insurance Fund - the organisation which pays out when employers are unable to through insolvency.