Thu, 13 Dec 2018 | ADMINISTRATION
A lighting company based in Normanton has been forced to engage administrators after citing financial difficulties as the reason for its downfall.
Harvard Technology Limited, a smart wireless lighting specialised, called in Grant Thornton UK on 10 December 2018 to handle the administration processes, and have appointed partners Sarah O’Toole and Chris Petts as joint administrators.
Located near Wakefield, West Yorkshire, Harvard Technology Limited has been trading in the industry for over 25 years, having produced a number of lighting solutions for a variety of platforms over the years.
Primarily, the company produces LED lighting drivers and engines and creates wireless control solutions for both indoor and outdoor spaces, generated via its EyeNut and LeafNut systems.
In the financial year ending 31 October 2017, Harvard Technology Limited reported a turnover of £21.1 million with a pre-tax loss of £4.2 million.
In a statement, however, the joint administrators said that although “significant progress” had been made in the past two years in an attempt to turnaround the business, difficult trading conditions and cash flow pressures were the fundamental reasons for calling in administrators.
“Despite these efforts, the directors have been unable to secure the survival of the company in its current form and could not continue to trade the business given the increasing funding needs,” said O’Toole and Petts.
They further commented that the business had been exploring the possibility of a sale for a handful of weeks now.
“We continue to explore the possible sale of parts of the business,” the administrators concluded.
For more news stories about administrations click here. For all our administrations listings, click here.
Offers an extensive range of specialist property development solutions. Provides a multitude of security systems, including installation and maintenance. Works with circa 140 active clients, 85% of whom provide repeat business. Offered for sale to fa...
FREEHOLD
Works with national communications networks and utility companies to provide rapid, reliable telegraph and utility pole services. Operates nationally, predominantly working with clients based across the Midlands. Works with market-leading, blue-chip...
LEASEHOLD
Supplies and installs a range of comprehensive passive fire protection systems in buildings throughout the UK. Services offered include structural steel protection, fire stopping, acoustic and air sealing and soffit insulation. In addition to its cor...
LEASEHOLD
|
31
|
|
Mar
|
Coronavirus Business Interruption Loan Scheme to cover business acquisitions | BUSINESS NEWS
The UK government has launched the Coronavirus Business Inte...
|
30
|
|
Mar
|
Tech group The Panoply acquires consultancy firm Ameo | BUSINESS SALE
Business consultancy firm Ameo has been acquired by AIM-list...
|
27
|
|
Mar
|
Addison Lee acquired by consortium of investors | BUSINESS SALE
Addison Lee Group, London’s biggest private care hire ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
Jun
|
Administrators called in for Rotherham metal tech company – buyer wanted immediately | ADMINISTRATION
A specialist metals technology firm based in the Advanced Ma...
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