- September 15, 2003, PRESS RELEASE
TAUNTON, SOMSERSET, U.K.—TS Converting Equipment reports it has acquired the business assets and intellectual property of Elite Cameron following a voluntary liquidation earlier this year. According to the company, two previous directors at Elite, Tim Self and Peter Daly, purchased the assets and property from the liquidator in June, adding "the Elite Cameron name is very much alive and back in business." The equipment manufacturer also reports it's offered to complete all the machines that were on order at the time of the collapse.
Says Self, "Most of the customers have chosen to have their machines finished. We accept that the past events have caused some project delays, but we are working tirelessly to get the machines to the customers within the original costs and timescales."
TS Converting Equipment reports the funds generated from the sale of the work in progress will go to the liquidator for eventual distribution back to the creditors. "The company is extremely busy with new and old contracts, and confirms they have managed to retain all the key staff from the previous business." The company operates from a "well-equipped" factory in Albemarle Road, Taunton, Somerset, in the U.K.
"Our situation was very unusual," explains Self. "We got into severe cash-flow difficulties when some proprietary equipment from a supplier on a large capital project experienced severe technical difficulties. The delays caused a huge backlog of work, pressing supplier commitments, coupled with substantial re-organizational costs in the USA, left us with no alternative when the banks refused to help with a temporary facility." But he adds, "The good news is we're up and running and able to provide the same high level of service and quality equipment we have always been associated with."
In addition, TS says it expects to announce a new manufacturing license that will be signed "shortly for the sale, manufacture, and service of their machines in the USA," though Daly adds the company will focus its "core activities outside the USA."
Elite Cameron's new contact information is:
+44(0)1823 283411 (telephone)