Tue, 04 Jul 2023 | ADMINISTRATION
Administrators will seek a buyer for the business and assets of pump manufacturer Slack & Parr following the company’s collapse. The company is a specialist pump manufacturer, supplying gear metering pumps, industrial dosing pumps and rotary hydraulic flow dividers both across the UK and worldwide.
The firm was incorporated in 1917 and based in Kegworth, Leicestershire. Despite its longstanding business and prominent position in the UK market, the company encountered financial difficulties over recent years.
The business suffered as a result of rising costs for energy, labour and raw materials. Amid mounting cashflow challenges, the company’s directors explored the options available to the business, ultimately taking the decision to appoint administrators.
Interpath Advisory’s Chris Pole and Howard Smith were appointed as joint administrators to Slack & Parr Limited and Slack & Parr (Investments) Limited on July 3 and will now trade the firm while exploring options for a sale of the businesses and assets.
Joint administrator Howard Smith said: "For over 100 years, Slack & Parr has grown to become a market leader in high precision engineering, supplying gear metering pumps and rotary flow dividers to high-profile customers including leading automotive manufacturers.”
"As we explore options for a sale of the businesses and their assets, we would encourage any interested parties to make contact with us as soon as possible."
In its accounts for the year to March 30 2022, Slack & Parr Ltd reported turnover of £11.6 million, up from £7.5 million a year earlier, while cutting its pre-tax losses from £2.6 million to £1.5 million. At the time, the company’s fixed assets were valued at slightly over £7 million and current assets at close to £6.7 million, with net liabilities amounting to £6.3 million.
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