Founded in 1988 by Bruno Baiardi, Space Cannon was acquired by Zumtobel in 2007 following Mr Baiardi’s death. At the time, the company reported annual sales of about £6 million.
Zumtobel said Space Cannon’s product portfolio failed to comply with international norms and standards, which was unknown to Zumtobel when it acquired the company. After discovering the product deficiencies in recent months, Zumtobel decided to apply for liquidation. Operations will be discontinued, affecting 47 employees.
‘While we regret this step, particularly in view of the highly motivated workforce at Space Cannon, we have no alternative,’ said Zumtobel’s chief executive, Harald Sommerer. ‘Given the substantial negative legacy of Space Cannon, we were forced to admit that the company is no longer viable.’