Mon, 09 Oct 2023 | ADMINISTRATION
Pendle Engineering Limited, a family-run engineering firm based in Lancaster, has fallen into administration. FRP Advisory’s David Willis and Martyn Pullen were appointed as joint administrators to the business on October 6.
The company provides a wide range of engineering services covering conception and design through to manufacturing and implementation. Its services include fabrication, laser cutting, CNC machining, structural steel and tube bending and it serves sectors including the rail and defence industries.
Last month, the company, which employs 55 staff and is based at the Pendle Industrial Estate in Nelson, filed a Notice of Intention to appoint administrators, having been hit by growing financial difficulties as a result of supply chain inflation and rising input costs.
Following the appointment of the joint administrators, the company will continue to trade with all staff remaining employed while its options are explored, which could include a potential sale.
Joint administrator and FRP restructuring advisory partner David Willis commented: “Our appointment means the business can continue trading as we work through options and consider the prospect of a sale process to protect the future of Pendle Engineering Limited. We encourage any interested parties to come forward.”
In the company’s most recent accounts at Companies House, for the year ending September 30 2022, its fixed assets were valued at slightly over £3 million and current assets at £993,117. At the time, the firm’s net assets were valued at £907,544.
Discover how to unlock M&A value during an economic downturn
This is an opportunity to acquire a premier company specialising in high voltage electrical engineering solutions for the rail, electrification, and electricity supply sectors. Operating as an asset-light business, maintaining a strong track record o...
This is a rare opportunity to acquire a long-standing company with expertise in civil engineering and waste management, operating successfully since 2009.
Opportunity to acquire a well-established marine engineering company on the South Coast, servicing motor boats, yachts, and commercial craft.
25
|
Apr
|
Scaffolding company Hi-Point Access raises funds following Gap acquisition | BUSINESS SALE
Sheffield scaffolding company Hi-Point Access has secured &p...
24
|
Apr
|
Malaysia's IJM buys a stake in London construction firm JRL | BUSINESS NEWS
IJM Corporation Berhad has bought a 50% stake in Borehamwood...
24
|
Apr
|
Training group Babington bought by PE-backed Knovia | BUSINESS SALE
Apprenticeship and training provider Babington has been acqu...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.