Received from the directors of the BFA.
It is with a great deal of regret that I write to you today to inform you of the demise of the British Federation of Audio in its present form. As you may well be aware the number of member companies has declined in recent years, this which in turn has resulted in a trading loss in each of the last three years. Whilst the Directors have made every effort to recruit new members, in the current economic climate this has proven extremely difficult.
The continued losses have to date been covered by the BFA’s reserve fund. However as we look to the commencement of a new financial year, what reserves we have left will in no way cover the expected losses the Federation would incur should your Directors have decided to continue trading. Therefore, the Board has taken the decision to wind up the BFA effective from December 31st 2010, which in effect will result in the Ltd. company being deregistered by the end of March 2011. The remaining reserves will be used to ensure that this “delisting” together with our final accounts will be undertaken to the same high standards we have enjoyed in the past.