Five jobs go in Pinchbeck

FIVE jobs have gone and the remaining four are in the balance at a South Holland branch of troubled motor company Hex Holdings Ltd.

Hex has shed 110 jobs across 14 depots nationwide but is continuing to trade with 60 staff while administrators search out potential buyers.

Based on South Holland Enterprise Park, Pinchbeck, Hex took over a company known as Denspares in 1992.

One of the current employees, Holbeach man Terry Cooper, has worked for both firms.

He said: “Unfortunately, what’s happened is through the times, it’s actually the credit bust if you know what I mean.

“I would like to think that the company will pull through but I don’t believe it will.

“The company is being broken up and the branches sold individually.”

With a turnover of more than £20million, Hex is one of the largest independent automotive refinish distributors in the UK. It supplies things like paint, consumables, equipment, tools and panels to the refinishing industry.

Matt Ingram and John Whitfield, partners at corporate restructuring firm MCR, were appointed joint administrators on Tuesday.

Mr Ingram said: “The auto industry as a whole is a crucial part of ‘UK Plc’, contributing £8.5bn added value to the economy.

“However, there is no doubt that the supply chain throughout the sector is still feeling the cold reality of the broader economic climate both here and abroad. We can confirm that at this stage the business is continuing to trade whilst a buyer is sought.”