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UK-based riflemaking companies Accuracy International Limited and Accuracy Group Limited went into Administrative Receivership with Pricewaterhouse Coopers on 18 February 2005.
It is believed, but has not been formally confirmed, that this was precipitated by the UK's Ministry of Defence cancelling extensive contracts with the two associated companies, following blow-ups of new AI-made .50BMG rifles. One blew up at the very first shot after delivery to the Royal Marines, following proofing. All the new A.I. .50BMG rifles were immediately banned from use on all UK military ranges.
The following statement was made by the Receivers :
Accuracy International Limited and Accuracy Group Limited – in administrative receivership 22/02/2005 15:34
Michael Gercke and Derek Howell of PricewaterhouseCoopers were appointed joint administrative receivers of Accuracy International Limited and Accuracy Group Limited (“Accuracy”) on 18 February 2005.
Accuracy International, formed in 1978, design and build tactical rifles for sale predominantly to military and law enforcement agencies throughout the world. The company, which in its most recent accounts for 2003, reported an annual turnover of approximately £5m, trades from bespoke leasehold premises in Portsmouth, where it employed 28 people.
Accuracy’s products are world renowned and its weapons are in use by more than 40 Governments worldwide.
The company’s expansion into the North American market was not as successful as had been hoped and as result the operating profits generated by the company were insufficient to service its debt obligations.
Sadly, 24 staff involved with assembly and administration have had to be made redundant with immediate effect. A skeleton staff, including the design capability, is being retained to work with the receivers to preserve the intellectual property of the business and assist with the sale of the business.
Mike Gercke, joint administrative receiver and partner at PricewaterhouseCoopers commented:
“It is clear that trading could not continue in the short term and regrettably these redundancies have had to be made. Accuracy is a recognised brand in its market and we are receiving significant interest in the business including the manufacturing and design rights for the company’s weapons and conversion system. Accuracy has a strong order and prospect book and we hope to be able to secure a sale which will ensure the survival of the company’s business and products.”
ENDS
UK-based riflemaking companies Accuracy International Limited and Accuracy Group Limited went into Administrative Receivership with Pricewaterhouse Coopers on 18 February 2005.
It is believed, but has not been formally confirmed, that this was precipitated by the UK's Ministry of Defence cancelling extensive contracts with the two associated companies, following blow-ups of new AI-made .50BMG rifles. One blew up at the very first shot after delivery to the Royal Marines, following proofing. All the new A.I. .50BMG rifles were immediately banned from use on all UK military ranges.
The following statement was made by the Receivers :
Accuracy International Limited and Accuracy Group Limited – in administrative receivership 22/02/2005 15:34
Michael Gercke and Derek Howell of PricewaterhouseCoopers were appointed joint administrative receivers of Accuracy International Limited and Accuracy Group Limited (“Accuracy”) on 18 February 2005.
Accuracy International, formed in 1978, design and build tactical rifles for sale predominantly to military and law enforcement agencies throughout the world. The company, which in its most recent accounts for 2003, reported an annual turnover of approximately £5m, trades from bespoke leasehold premises in Portsmouth, where it employed 28 people.
Accuracy’s products are world renowned and its weapons are in use by more than 40 Governments worldwide.
The company’s expansion into the North American market was not as successful as had been hoped and as result the operating profits generated by the company were insufficient to service its debt obligations.
Sadly, 24 staff involved with assembly and administration have had to be made redundant with immediate effect. A skeleton staff, including the design capability, is being retained to work with the receivers to preserve the intellectual property of the business and assist with the sale of the business.
Mike Gercke, joint administrative receiver and partner at PricewaterhouseCoopers commented:
“It is clear that trading could not continue in the short term and regrettably these redundancies have had to be made. Accuracy is a recognised brand in its market and we are receiving significant interest in the business including the manufacturing and design rights for the company’s weapons and conversion system. Accuracy has a strong order and prospect book and we hope to be able to secure a sale which will ensure the survival of the company’s business and products.”
ENDS
