British aerospace firm, Hampson, has put itself up for sale this week, it has been reported.
The firm owes almost £55 million in debts, which the Telegraph reports is double its market capitalisation. The company is continuing to try and refinance its bank facilities.
A stock market statement from Hampson advised that the firm has appointed DC Advisory Partners and Sagent Advisors to manage the sale process.
The company has said that it has received “indicative offers” for its UK-based BHW Components unit and Indian operations, which were put up for sale in November.
A spokesperson is quoted in the Telegraph as saying, “Whilst discussions remain at a relatively early stage, indicative offers have been received for the businesses.”
In early trading, shares in the company fell significantly. As well as the sales auction, the tumble seems to have also been caused by issues identified during the testing and customer approval process for the group’s largest tooling order, which mean that some deliveries are now expected to move from fiscal year 2012 to 2013.
A statement from the company said, “The tooling delays … have resulted in an increase in working capital and borrowings, which is expected to continue in the short-term.”
