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Boss of collapsed Darwen firm: We simply ran out of cash

7:00pm Thursday 11th March 2010 in

More stories about: Octaveward


THE boss of a collapsed company which left 65 people redundant said the firm ‘simply ran out of cash’.

Grant Wignall, manager director of Darwen-based window and door manufacturer Octaveward, said the company had been forced into administration after a client failed to pay up on a huge contract.

The firm last month sent its workforce home, blaming a problem with its bank account.

But less than a week later, on March 2, Octaveward, based at Balle Street Mill, was placed into administration prompting the laying-off of all 65 workers.

Despite some staff saying they had learned of their fate from the Lancashire Telegraph, Mr Wignall, whose father Norman previously ran Octaveward, said he had spoken to employees at the factory to make them aware of the collapse.

He said: “I explained to staff what happened and they were very understanding. As far as I am concerned, I exonerated myself.

“Finance from banks has dried up and we have got £100,000 owed to us from a big contract which has not been paid.

“My own father personally paid £120,000 into the business a month ago and he has lost that.

“We simply ran out of cash because we didn’t get paid for that contract.”

Mr Wignall, 42, also revealed he was recovering from two strokes and said he was unsure whether he would ever work again.

Last week, Leeds-based administrator Zolfo Cooper took over the running of Octaveward and said it would try to ‘trade the company on a scaled-down basis’.

Administrators said the firm had ‘endured difficult trading conditions’ made worse by the recession, but offered a ‘good opportunity’ for an investor.

A Zolfo Cooper spokesman said he could offer no update on the administration process.

Comments(24)

Theywillstartagain says...
10:21pm Thu 11 Mar 10

£100,000? Rubbish.They owed over that to a small number of local suppliers.

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cars says...
10:22pm Thu 11 Mar 10

What a load of cr*p How far do they think £100,000 would go relying on such a small amount they must have known much earlier and could have avoided robbing suppliers having placed orders for materials only days before , has any directors sold any of there cars yet

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Theywillstartagain says...
10:35pm Thu 11 Mar 10

Sell the cars-no. I think they will need them to get to there new job-octave part 2.

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have_a_word says...
12:59pm Fri 12 Mar 10

They have no money, business can't continue to trade. Its that simple. I feel for the small suppliers but people who have never managed a companies finances are in no position to comment!

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Theywillstartagain says...
1:12pm Fri 12 Mar 10

have_a_word wrote:
They have no money, business can't continue to trade. Its that simple. I feel for the small suppliers but people who have never managed a companies finances are in no position to comment!
No money but they still had the sense to order loads of stuff before this happened. I have and i am still managing finances for a company even though pr*ts like Octave take advantage.

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parpington says...
2:13pm Fri 12 Mar 10

What a load of bull.This company has no concept of what the truth is.The workforce was sent home and we were told nothing,two days later we all went to see grant and he told us he knew nothing.
Grant how can you claim to have told the workforce what was going on when throughout the entirety of this debacle you have maintained that you yourself didnt have any answers.
The truth is that the workforce found out about the redundancies and administration of the company via the Telegraph website.

As for the £100,000 that you were owed,wasnt that withheld by the firm who owed it to you because the goods they purchased were of poor quality?

The fact is you knew the company was going downhill so you ordered as much materials as you could and milked the accounts dry.

Nobody is buying this 'we know nothing' ****.

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SoozieB says...
3:03pm Fri 12 Mar 10

Couldn't run a bath!

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beermonster says...
7:16pm Fri 12 Mar 10

just give us our p45's so we can put this shower to bed please!!

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beermonster says...
7:41pm Fri 12 Mar 10

just been on companies house and found that octaveward is still trading under the name ni oct ltd...this tells me that this was all planned. for all you suppliers check this out just type in ni oct on the search bar at companies house and it will come up, click on their number and the details will come up..it states " STILL ACTIVE". thanks for shafting us and i hope that all you suppliers can get what your owed from them..cos they are nothing but criminals trying to make a sob story to line their own pockets...i hope all you suppliers shaft them like they have us..good luck

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cars says...
8:49pm Fri 12 Mar 10

i have heard from a good source that there is a third party interested i will get to know in the next few days any gueses ?

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beermonster says...
8:52pm Fri 12 Mar 10

bye the way...not only did i lose my job...i lost a lot of really good mates thanks to you...one of the only reasons i stayed with octaveward...just remember wignalls it's the workers that make your company and now you have lost them all...and suppliers hopefully

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Theywillstartagain says...
9:09pm Fri 12 Mar 10

Nioct is the holding company. I'm hoping the third party offer for the company get it and not the current pill*cks. Teach them a lesson for doing the dirty on everyone.

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beermonster says...
9:14pm Fri 12 Mar 10

nioct is grants dad....i know this cos he has the numberplate on his lexus(bet thats not gone)the car that is!..
is ni oct the third party???

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cars says...
9:33pm Fri 12 Mar 10

joe,grant, fiona,alison,norman, and his wife are all directors of NIOCT its all on company house

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beermonster says...
9:51pm Fri 12 Mar 10

so there you go...we have all been fed a load of lies....cant work again...
"my arse"...dont matter anyway cos i heard from a good source rockdoor and canopies uk got all their contracts....so enjoy it while you can wignalls cos ur going down...like ur factory and NI OCT once the suppliers get hold of you...lmao

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burger face says...
10:54pm Fri 12 Mar 10

sounds like a lot of bitter people on this story, take it on the chin lads and move on, good luck

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Xfile says...
3:56am Sat 13 Mar 10

Its easy to say move on, and 'take it on the chin'.
Perhaps if the majority of us were'nt financially crippled because we haven't had wages paid, and haven't yet recieved redundancy or notice payments..'moving on' would be slightly easier.
Too right we are bitter..! Though i thank you for your good wishes.

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Theywillstartagain says...
8:16am Sat 13 Mar 10

burger face wrote:
sounds like a lot of bitter people on this story, take it on the chin lads and move on, good luck
Easy to say move on! Very hard to. Because when it boils down to it what they gave done is theft! They knew it was happening. It's is everyone else that suffers. We now have to wait for administrator to make an offer of money for stock that octave had in the factory and used to finish off a contract. But just ignore all the stock they have had before this happened that has been used but remains unpaid. So yes it is hard to move on!

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Theywillstartagain says...
8:16am Sat 13 Mar 10

burger face wrote:
sounds like a lot of bitter people on this story, take it on the chin lads and move on, good luck
Easy to say move on! Very hard to. Because when it boils down to it what they gave done is theft! They knew it was happening. It's is everyone else that suffers. We now have to wait for administrator to make an offer of money for stock that octave had in the factory and used to finish off a contract. But just ignore all the stock they have had before this happened that has been used but remains unpaid. So yes it is hard to move on!

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Omnipot says...
9:23am Sun 14 Mar 10

From the posts above there are certainly some bitter workers, but also comments that suggest the firm were producing sub standard goods.
Dont you think if that was the case, you have got what you deserved?

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Xfile says...
3:18pm Sun 14 Mar 10

I was waiting for some bright spark to come up with that sort of bilge.
Substandard work, due to substandard time to do the work in the proper manner, substandard materials to do it with..and substandard tape measures in certain peoples hands..yeah we probably got some of what we deserved..for working for such incompetent bozos in the first place..

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GisaJob says...
3:33pm Sat 20 Mar 10

"He said: “I explained to staff what happened and they were very understanding. As far as I am concerned, I exonerated myself. "

Grant, you know that is a bare faced lie. I had absolutely no explanation from you or Joe when I spoke to you on the phone. You both maintained that you could tell me nothing. Joe said I could call back the next day but when I did, he wouldn't answer the phone to me which spoke volumes. Exonerated? No.
I have a photocopy of my P45, do I have to put in yet another written request for the original?

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beermonster says...
10:43pm Fri 26 Mar 10

loads of cars in octaveward front carpark....whats going on?....anybody heard from redundancies yet?....also all the lights on all day...anybody any answers?...just want what i'm owed after that they can go and shaft themselves...lmao

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cedric4 says...
10:57pm Wed 31 Mar 10

I think the person responsible for the downfall of Octaveward should now come forward and be counted .
Can all you people guess who it is .Come on Norman ,Grant ,and Joe just think.
Short ,deep forehead ,likes to swing keys, likes to feather his own nest at the expense of others, favorite quote when he was on the shop floor "Don't ask me i am only a wood cutter .
Day he liked to have off when on the shop floor ?. Was it Wednesday..... Oh it goes on. If you start up again do yourselfs a favour, don't be conned again by this piece of dog excrement .
Just a quick question can can any of the boys and girls help the directors at Octaveward guess who really was to blame for their companys downfall.....

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