Tue, 11 Jun 2019 | ADMINISTRATION
A radiator manufacturer headquartered in Newport, South Wales has collapsed into administration after failing to secure a new buyer to preserve jobs.
Quinn Radiators, which described itself as “Europe’s leading manufacturer of round top radiators with 35 years of experience in the heating industry”, was forced to call in insolvency specialists Grant Thornton to handle the administration process, with partners Alistair Wardell, Matthew Richards and Trevor O’Sullivan appointed as joint administrators.
Prior to administration, the company had been searching for a buyer to take on the business and preserve jobs; however, it failed to secure a new owner in time. Pairing this with the general increase in costs and competition with cheaper imported brands, Quinn Radiators was ultimately forced into the hands of insolvency practitioners.
Wardell commented: “In recent years, the company has faced the ongoing challenge of remaining competitive in the face of increasing raw material prices and cheaper imported brands.
“Over the past months, the directors actively sought a buyer for the company in an effort to preserve jobs and keep the business in the UK.
“These discussions ceased last week without success and with unsustainable losses continuing, the directors took the difficult decision to appoint administrators.
“Our priority now is to work with the retained employees to ensure we achieve the best outcome for creditors.”
The company merged with material supplies group International Industrial Metals in 2017 and underwent a major refinance and restructuring programme. Accounts for the year ending 31 March 2017 detailed a 10 per cent increase in turnover to £51 million, but also reported a pre-tax loss of £7.2 million.
The administrators are actively inviting offers and expressions of interests from interested parties.
For more news stories about administrations click here. For all our administrations listings, click here.
Well-established company specialising in the manufacture and supply of high quality work wear mainly for the healthcare industry being an approved provider to the National Health Service but also supplying other industry sectors. The company is long...
LEASEHOLD
Manufacturing business operating in a clearly identified niche market. The business has been operating for almost a quarter of a century and has built up a first class reputation. Offers invited.
FREEHOLD
Well established business dealing in a niche market. Work undertaken for commercial and domestic use. Company operates throughout the UK and will design, manufacture and install. Offers invited.
LEASEHOLD
|
23
|
|
Jan
|
MBO at Bristol-based media training firm | MBO/MBI
Mentor Media Training has been acquired by lead consultant D...
|
22
|
|
Jan
|
Chelmsford warehouse management firm bought by software provider | BUSINESS SALE
Chelmsford-based warehouse management solutions provider Min...
|
21
|
|
Jan
|
MBO at Newcastle market research company | MBO/MBI
Newcastle-based market research company Explain Market Resea...
Sign up to receive our acquisition alert emails to get your FREE guide
|
23
|
|
Aug
|
Administrators called in for energy technology firm Faraday Grid | ADMINISTRATION
Faraday Grid, an Edinburgh-headquartered energy transformer ...
|
07
|
|
Jun
|
Administrators called in for Rotherham metal tech company – buyer wanted immediately | ADMINISTRATION
A specialist metals technology firm based in the Advanced Ma...
|
15
|
|
May
|
Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE
Challenge TRG Group, headquartered in Wigan, has successfull...
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