Administrators were called into Plant and Consumable Services (PACS) Limited on Monday as a result of "cash flow" issues. Some 44 staff were laid off on Wednesday - 35 in Castle Donington and nine in Middlesbrough. The business, which is now being wound down, had employed 68 people. It is understood that the managing director and financial director are among those who have left the business. The company based on the Willow Farm Business Park in Castle Donington specialises in the rental and sale of industrial plant and equipment to "prestigious blue chip companies and their contractors" mainly in the UK. Most of its clients are in the power sector in areas such as power utility and petro-chemical as well as companies involved in "major industrial construction sites" throughout the UK and Europe. Despite strong growth in that sector in recent years, the business reported a big drop in pre-tax profits last year from almost 1 million to 330,000. Turnover for the year to March 31, 2016, was less than 21.2 million, compared to almost 24.5 million a year earlier. Tony Barrell and Toby Underwood at accountancy and business specialist firm PwC have been appointed as the joint administrators. A statement from PWC said: "The company had experienced significant cash flow issues as a result of falling turnover, which has resulted in the business being placed into administration. "On appointment the company had 68 employees and given the issues facing the business 44 have been made redundant." A spokeswoman for PWC said the business was still operating in a limited capacity and the administrators had been in conversations with several interested parties.
Its airport has one of the strangest runways in the world A lack of flat means Gibraltar Airports only runway is bisected by its busiest road (Winston Churchill Avenue). The street closes whenever a plane lands or departs, with a pair of flimsy looking barriers the only thing preventing a nasty collision between a 747 and a hoists Ford Orion. With the runway also extending out to sea, its certainly not one for nervous fliers . 9. Unwanted cars are rolled into the sea Or, at least, they once were. Telegraph Travels Andrew Purvis, who grew up in Gibraltar, explains: Unwanted cars are simply dumped into the sea off a cliff, down a chute - or at least they were for many years - with full government approval. We always watched as kids, and later I went diving among them. View photos Mind the Boeing Credit: GETTY More 10. Theres an artificial reef - and an underwater shipwreck to explore Speaking of diving, Purvis, who returned to Gibraltar last year , says: In the Eighties, I dived with conservationist Dr Eric Shaw to help build an artificial reef from sunken barrels and old tyres. Since then, several small craft have been sunk nearby to attract marine life among them Battys Barge and the 482M, a cable-laying vessel lying at a depth of 55ft and now teeming with silver bream and colourful reef fish.
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