Mon, 15 May 2023 | ADMINISTRATION
South Wales manufacturer TEAM Precision Pipe Assemblies Limited has fallen into administration. EY-Parthenon's Lucy Winterborne and Dan Hurd were appointed as joint administrators and will now seek a buyer for the Carmarthenshire-based firm.
In its most recent accounts, for the year to September 30 2021, the company reported turnover of £9.7 million, up from £7.1 million a year earlier. However, it also reported a loss for the year of £409,000, down from a £645,000 loss a year earlier.
The company, which was headquartered on the Parc Hendre Industrial Estate in Capel Hendre, is a manufacturer of pipes and assemblies for HVAC and air conditioning units, with the firm’s products primarily utilised in the automotive sector.
However, the business was hit by a number of headwinds over recent years, including the COVID-19 pandemic, leading it to appoint administrators. Approximately 170 staff were employed by the company pre-administration, with administrators saying that 16 redundancies were made upon the company entering administration.
Joint administrator Lucy Winterborne from EY-Parthenon's turnaround and restructuring team, commented: “The company has faced financial difficulty over recent years, primarily due to a fall in demand during the COVID-19 pandemic and the challenges facing the wider automotive sector that it supplies to.”
Winterborne added that the business is continuing to trade on a reduced capacity while the joint administrators seek a buyer for the firm. Winterborne said that they were “currently liaising with a number of parties who are undertaking due diligence.”
In its accounts to the year ending September 30 2021, TEAM Precision Pipe Assemblies’ fixed assets were valued at £2.8 million and current assets at close to £3.7 million, with the company’s total equity standing at around £309,000.
Find out how mounting financial distress is contributing to M&A in the manufacturing sector.
Read about M&A in the UK automotive sector.
This well-established business in Suffolk is renowned for providing bespoke hydraulic, electric, and mechanical systems across various industries, with end-to-end solutions and a strong reputation for quality and reliability.
This well-established Essex-based business offers a comprehensive suite of bespoke luxury furniture services, from design to installation, catering primarily to private clients and developers.
This established electronic design consultancy is renowned for its high-quality, custom solutions in embedded software, PCB design, and prototype manufacturing, consistently serving key sectors like automotive, aerospace, and medical.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.