After forty years of operation, the directors of Cadac Electronics today announced that the company is to be placed into administration following a sudden and unexpected fall-off in anticipated sales in the coming months. Anthony Kent of Maidment Judd, Harpenden, has been appointed as administrator.
Having recovered from its financial difficulties of the last three years, Cadac was close to putting its new digital console into production to fulfill an anticipated order book of approximately £2m ($3.94M US). The directors are hopeful that buyers can be found for Cadac, as not only is the S-Digital console approaching production, but also the sales, service, refurbishment, and new production of Cadac's analog desks (F-type, J-type, R-type, and S-type) is an ongoing business.
Managing director Bob Thomas says, "It is heartbreaking to see this great company go under at this stage. Although additional bank finance had been put in place to complete the S-Digital development and to get its production under way, the sudden slump in forecast analog sales over the next few months meant that Cadac would be unable to maintain the underlying cash flow necessary for its survival. Sadly, unless we can find a buyer for the company, the S-Digital, which is thought by many to be the best-sounding digital console ever developed, will disappear, along with Cadac."