Stride, the Leicester based social enterprise, is now taking steps to place the company into liquidation.
The company employs 40 core staff and 92 apprentices at its training centres in Leicester and Nottingham who will all be made redundant. The company also provided training for 200 young people in Construction Skills, Motor Mechanics, Hair and Beauty and Catering. All training has ended.
– David Brazier, Stride director
We are bitterly disappointed. At a time of such high youth unemployment, the training we provide is needed more than ever. Public funding cuts, changes to Government financed training schemes and the difficult economic conditions have all created problems for us. Stride grew rapidly until 2008 and invested in further expansion, unfortunately, just before the credit crunch hit.
We’ve done all we can to reduce costs and turn the company round. The support from our staff has been absolutely fantastic. Many have taken pay cuts to try to keep the business afloat.
A winding up petition to the High Court made by HM Revenue and Customs meant the company had to go into creditors' voluntary liquidation, which is when a company chooses to liquidate itself when it can't afford outstanding debts.