A1DL
16-01-2007, 11:29 AM
Loudspeaker and component designer Fane Acoustics Ltd has gone into administration. Manufacturers supplied by the company received letters from a factoring service last Friday, January 12th, informing them that the Leeds-based operation was insolvent, writes Kevin Hilton.
Fane is a long-established name in British loudspeaker design and manufacture, supplying many major manufacturers, including Tannoy, Shermann Audio, Noise Control Audio and Funktion One. As well as supplying cone drivers, HF units and other components Fane produced its own line of flat panel loudspeakers.
Despite this widespread trade Fane has in recent years suffered from bad luck and increased competition. In May 2005 a freak, localised cloudburst caused 24-inches (600mm) of water to flood the company's factory, destroying stock, manufacturing plant, components, servers, furniture and file records.
A fax sent to Fane's suppliers at the time said, "We are totally dependent on our insurers providing us with an interim payment to enable us to make payments to our suppliers." Production was resumed in June 2005 after a major clean-up operation but the flood severely disrupted the company's production schedule.
Since then Fane has been under pressure from competitors offering similar products, notably a revitalised Celestion and the now independent Precision Devices. Low cost imports from China and elsewhere in Asia have also contributed to Fane's business troubles.
Euro Sales Finance, a Leeds company that specialises in factoring and invoice services, has written to Fane's debtors to recover monies owed. A spokesperson for Euro Sales Finance confirmed that Fane was in administration and that available resources were being called in. There is the possibility Fane will be sold as a going concern but that could not be confirmed at the time of going to press.
Source: Pro Sound News Europe
Fane is a long-established name in British loudspeaker design and manufacture, supplying many major manufacturers, including Tannoy, Shermann Audio, Noise Control Audio and Funktion One. As well as supplying cone drivers, HF units and other components Fane produced its own line of flat panel loudspeakers.
Despite this widespread trade Fane has in recent years suffered from bad luck and increased competition. In May 2005 a freak, localised cloudburst caused 24-inches (600mm) of water to flood the company's factory, destroying stock, manufacturing plant, components, servers, furniture and file records.
A fax sent to Fane's suppliers at the time said, "We are totally dependent on our insurers providing us with an interim payment to enable us to make payments to our suppliers." Production was resumed in June 2005 after a major clean-up operation but the flood severely disrupted the company's production schedule.
Since then Fane has been under pressure from competitors offering similar products, notably a revitalised Celestion and the now independent Precision Devices. Low cost imports from China and elsewhere in Asia have also contributed to Fane's business troubles.
Euro Sales Finance, a Leeds company that specialises in factoring and invoice services, has written to Fane's debtors to recover monies owed. A spokesperson for Euro Sales Finance confirmed that Fane was in administration and that available resources were being called in. There is the possibility Fane will be sold as a going concern but that could not be confirmed at the time of going to press.
Source: Pro Sound News Europe