IDEX, one of the key manufacturing companies behind loudspeaker speaker firm Ohm UK, has gone into liquidation, AMI sister title MI Pro has reported.
As a result, Ohm is now seeking a major new investor to help secure the future of the Cheshire-based company.
“Ohm UK is now going through talks with a big overseas investor with a buy out deal that will put Ohm on an even playing field with the big players,” said an MI Pro source.
It has also been revealed that corporate issues resulting from mis-sold products from China have caused serious problems, resulting in losses worth millions of pounds.
“We have recently been stung by our China operation,” an unnamed Ohm UK source added. “They have successfully secured the Ohm iP in that region. This has created huge corporate issues, as well as losses in the millions from mis-sold product out of China factories, claiming to be made in Britain by Ohm. We are proud to still be manufacturing our products here in the UK. We feel that's what makes Ohm UK great.”
It is as yet unknown how these developments will affect Ohm UK staff, although MI Pro has been informed that none of Ohm’s other manufacturing operations are affected.
MI Pro has approached IDEX for comment.