Despite the job losses, KPMG still believe there's market for Panaloc
Panaloc makes more redundancies
Published: 03 July, 2008
Panaloc, which uses Kronoply OSB 4 panels to make prefabricated timber walls, floors and roof sections, has been forced to cut more jobs
More workers have been made redundant at Panaloc, the Manchester-based off-site timber construction firm in administration.
Ten workers lost their jobs on Wednesday to add to the 80 made redundant when KPMG Restructuring was appointed administrators in May.
A KPMG spokesperson said the business was continuing to trade on a limited basis and discussions were ongoing with a number of parties regarding a sale of the business and its assets.
Just 50 of the original 140 staff at Panaloc now remain.
Since its inception in 2001, Panaloc has developed a highly innovative product that is unique in the market place a market which recent research suggests is worth approximately £650m per annum and growing at rates of between 25-50%, joint administrator Paul Dumbell said in an earlier KPMG statement.
The business is in a prime position to capitalise on this growth.
Panaloc uses Kronoply OSB 4 panels laminated together to make wall, floor and roof sections, with doors, windows, cladding and other elements all done in the factory to create a highly prefabricated product.
One of its biggest jobs was a multi-million pound contract for the St Helens and Knowlsey Hospital NHS Trust with developers Taylor Wimpey and NG Bailey.