Carter Brothers (Rochdale) Ltd.'s rubber machinery business, which went into receivership in December, has been taken over by a new company headed by the son of the firm's owner.
Carter International Ltd., established Dec. 1 by Peter Fletcher-son of Carter Brothers owner Jon Fletcher-intended to start business in early February making and selling Carter Brothers' lines of internal mixing machines, calenders and extruders at space leased at the Carter Brothers factory in Rochdale. Carter International is seeking new premises in the same general vicinity, said Peter Fletcher, CEO of the new company.
Carter Brothers went into receivership Dec. 8 after posting losses the last few years. For its fiscal 2003, ended March 31, the firm reported operating losses of nearly $500,000 and debts of about $4 million.
The financial position led Carter Brothers originally to seek a voluntary administration arrangement with the aim of restructuring the business. The idea was ``to clear debts and give ourselves a fresh start by restructuring the company without losing any face with customers or creditors,'' Peter Fletcher said. But, he continued, ``the way that it went was that it had to be a full-blown receivership.''
Looking ahead, the Carter International executive commented, ``It is a fresh beginning with a more streamlined operation and less overhead. We know what mistakes we made last time, and the people who made those mistakes aren't coming back.''