Jobs have been lost after a Yorkshire family firm announced it had ceased trading and appointed liquidators, after 48 years of trading.
Elcocks, a long-standing York-based tool hire, sale and repair business with a second site in Driffield, East Riding of Yorkshire, has announced it is to go into liquidation on December 10, citing a drop in demand. The company ceased trading on November 12, bringing operations to an end at both sites, with Mike Jenkins and Dave Broadbent of Begbies Traynor have been appointed as joint liquidators.
A total of 10 employees, including the family company’s three directors, have all been made redundant. The firm was founded in 1977 and was being run by the third generation of the Elcock family at the time of its closure.
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The directors said a number of pressures triggered the failure of the business, including a continued decline in demand for tool repair services, with more and more customers choosing to replace tools rather than repair them. Elcocks had also been part of a major national buying group which suddenly collapsed earlier this year, resulting in disruption to supply chains and a large outstanding debt demand that the business was unable to meet.
With cash reserves depleted, the company was no longer able to continue operating.
Mr Jenkins, partner at Begbies Traynor in York, said: “Elcocks has been a familiar name in York and the surrounding area for decades, and it is always very sad to see a long-standing family business close its doors. Unfortunately, the combination of market decline, supply chain disruption and the wider insolvency of a key trading partner left the company without a viable route forward.
"Our focus now is on ensuring the liquidation proceeds as smoothly as possible and that creditors are kept fully informed throughout the process.”
The company’s directors, Ivan Elcock, Andrew Elcock and Claire Bedford, said: “This has been an incredibly difficult decision for the family and for the team who have worked with us. We are proud of the business that was built over nearly 50 years and grateful to our loyal customers and staff who have always supported us.
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“Sadly, the challenges facing the business in recent years became too great to overcome, and despite our best efforts, closure became inevitable.”
As both York and Driffield sites have now closed, the joint liquidators said there will be no ongoing trading or continuation of services during the liquidation process.