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Friday, 3 June 2011

AEI Cables looking to propose a CVA

Meeting is being held today 14th June in London. We will let readers know the result as soon as we do!

AEI Cables, which employs about 350 staff in Tyneside has had to let go more than 120 people in an effort to save the company.  AEI Cables makes cables for the defence and civil engineering sectors.
The company is believed to have suffered as a result of volatile prices in raw materials, most particularly copper. 

A company spokesman said: "We regret this difficult decision but we had to take swift action to save the jobs of as many people as possible."

AEI Cables chief, Jim Duffy, said that if he had not made the cuts the company would have gone into administration with the loss of 189 jobs.  He also said that he was planning to propose a Company Voluntary Arrangement (CVA) but that he had to cut costs so that the proposal had a good chance of being approved.

Well done Jim!   It looks as if he has taken swift action to keep the business out of the hands of the administrators which would have been an even worse outcome for the staff.

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