Troubled components distributor Red Star Marketing (GB) has gone into administration.
In its last set of financials ended 31 March 2003, the Llanelli-based firm reported a turnover of £272.9m, with a profit of £1.9m. A £2.3m dividend was also paid out.
Insolvency specialist PKF was named administrator. Nitin Joshi, partner at PKF, said he aimed to sell the business quickly. "We are engaged in discussions with several interested parties," he said.
The components sector is going through a "difficult time", with more insolvencies to come, he added.
No one from Red Star was available for comment.
Joe D'Elia, research director at analyst iSuppli, said the European components channel would become more competitive.
"The Asia-Pacific market will account for half of all components manufactured by 2008, whereas Europe will count for just 15 per cent. The market will become even more low value/low volume in Europe," he said.
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