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Caldwells is the latest British brand to fall victim to the recession with the news that the tool manufacturer entered administration last Wednesday.
The Manchester-based firm, which, according to its website, first began supplying tools in the 1770s, appears to have been unable to continue in the face of the economic downturn.
A spokesperson for the administrators MCR told DIY week that the company was placed in administration last Wednesday, July 8, and that some 70% of staff had been made redundant.
The directors of the company, Christopher Thomson and Martin, Bernard and Nicholas Caldwell, were all unavailable for comment. However, the spokesperson for administrators MCR confirmed to DIY Week that: "Steven Muncaster and Philip Duffy of MCR were appointed joint administrators of Caldwells Manufacturing Ltd on Wednesday 8th July by the directors of the company pursuant to paragraph 22 of Schedule B1 of the Insolvency Act 1986.
"The administrators are currently undertaking a review of the business and are hoping to complete a sale of the business and assets of Caldwells as a going concern"