Wed, 17 Jul 2024 | ADMINISTRATION
Administrators are seeking a buyer following the collapse of a Warwickshire-based manufacturer of micro gas turbines. Bladon Jets (UK) Limited operates its main Engineering and Assembly Centre in Warwick, while the company’s head office is located on the Isle of Man.
The firm is a specialist in the design, development and manufacture of micro turbine gensets (MTGs). Despite its status as a major manufacturer in the industry, the company has experienced mounting financial difficulties over recent years and accrued significant liabilities.
Over the last few years, Bladon Jets had made a multimillion-pound investment in the business, but it has struggled to secure the required next stage of funding for its short-term operations, leading to cashflow challenges and uncertainty.
In its most recent accounts at Companies House, for the year ending December 31 2022, Bladon Jets reported revenues of close to £290,000, up from under £40,000 a year earlier, but saw its losses widen significantly from £15.6 million to £22.4 million.
At the time, the firm’s non-current assets were valued at nearly £11.9 million and current assets at £16.4 million, but net liabilities exceeded £96 million, compared to £73.7 million a year earlier.
As a result of its financial issues, Bladon Jets (UK) fell into administration on July 8, with Matthew Ingram and Mark Blackman of Kroll Advisory appointed as joint administrators. The joint administrators are now in the process of seeking a buyer for the company’s business and assets.
Joint administrator and Kroll Advisory Managing Director Matthew Ingram commented: "Bladon Jets is at the forefront of developing market leading, twenty first century power generation services.”
"The significant investment in this technology over the last few years now represents a real opportunity for the right buyer to access their market leading research and development, advanced production capabilities and fully researched go to market proposition as the business looks to scale its operations."
Click here to download our free guide on finding and buying distressed businesses and assets
Find out about the trends shaping M&A activity in the UK's manufacturing sector
This business offers a unique opportunity to acquire a well-established producer of additives for metal surface treatment and lubricants, showcasing strong market presence and potential for expansion.
The company is a specialist UK manufacturer and refurbishment provider of glass reinforced plastic (GRP) components, servicing the transport sector with high-value products and refurbishment solutions that assist in enabling them to reduce their carb...
This timber product and treatment plant in the Midlands presents a unique opportunity for industry professionals seeking to expand their operations in a prime location.
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.