Jobs lost as St Leonards business goes bust
WORKERS at LSUK in St Leonards were stunned when they turned up for work on Monday morning to find themselves locked out and a note taped to the door saying the company had gone bust.
More people arrived during the day who were unable to access vehicles at the car parts business in Menzies Road on the Ponswood Industrial Estate.
It was amongst a total of 53 LSUK branches shut down this week across the country making 600 people redundant.
The gloomy news was the result of a failed take-over bid by rivals Euro Car Parts.
ECP took over struggling LSUK last week, but after failing to win investment backing had no choice but to put it into administration.
They issued a statement explaining: "After a considerable amount of non-stop work and investment into LSUK over the past five days, the Euro Car Parts directors realised that they had no option but to place LSUK into administration with effect from Monday 6th October.
"This includes all 53 LSUK Branches, including MI Diesel Products, Protech Automotive (UK) and Yeovil Rewind.
"The initial acquisition of LSUK had to be made very quickly to protect the 600 strong staff. The due salaries and rent were therefore paid with immediate effect.
"The Euro Car Parts management team specifically chosen to look after LSUK then worked tirelessly speaking to the LSUK suppliers and indeed staff.
"Unfortunately, it became clear, very quickly, that it was simply going to be impossible to continue with investment without the required support, which was not forthcoming.
"Euro Car Parts deeply regrets what has happened, but to continue any longer with LSUK, as it currently stands, was unfortunately a futile operation."
The administrators have set up a helpline for worried staff and say they are already in contact with several parties interested in taking over all or part of the business.
LSUK was a customer of Lucas Electrical which is continuing trading as normal.
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Weather for Hastings
Friday 10 February 2012
Today
Sunny spells
Temperature: -5 C to 2 C
Wind Speed: 14 mph
Wind direction: East
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Sunny
Temperature: -5 C to 1 C
Wind Speed: 12 mph
Wind direction: North east
