Mon, 12 Jan 2015 | ADMINISTRATION
A Brighton, East Sussex-based electrical firm has collapsed into administration, it has been confirmed.
Techelec, located in Crowhurst Road, Holingbury, specialised in mechanical and electrical contracting and operated predominantly in London and Southern England.
The firm received a winding up order through the High Court just before Christmas, and it has now entered administration.
The company was first formed in 1968 and employed 40 people, all of whom have now lost their jobs. The administration of Techelec - which had assets of £7.1 million - will be handled by BM Advisory. According to the last set of accounts issued, the firm had more than doubled its turnover to £16 million in the year to March 2014.
Reports have confirmed that chargeholders and the administrators will now aim to recover and realise the company's assets, which principally are made up of property and debtors.
Prior to its administration, the firm was understood to have been working on a 16-storey student halls scheme in Bournemouth, which was being run by Watkins Jones Group. It was also working on Brookfield Multiplex’s University of Kent halls of residence scheme in Canterbury and Balfour Beatty’s Royal College of Music student halls.
_____________________________________________________________
Related information:
Distressed business listings
A Jurassic coast beach positioned 18th century public house with annual net turnover in excess of £725,000.
LEASEHOLD
A 25 ensuite hotel in spectacular Anglesey location, the business offers additional substantial land and car park.
FREEHOLD
Profitable historic public house with letting rooms and owner's accommodation located in spectacular Northern Fells.
LEASEHOLD
24
|
Apr
|
Automotive parts supplier secures PE backing | BUSINESS SALE
Rimmer Bros, a Lincoln-based restorer and supplier of replac...
24
|
Apr
|
Kitchen firm expands construction sector offering with new acquisition | BUSINESS SALE
Nolte Kitchens UK has completed the acquisition of contracts...
23
|
Apr
|
Furniture retail group acquires stock and IP of e-commerce firm | BUSINESS SALE
Flair Furniture, a retail group based in West Yorkshire, has...
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.