Mon, 10 Jun 2019 | ADMINISTRATION
An electrical engineering company, founded by William Shuttleworth in 1908, has collapsed into administration after experiencing a string of financial difficulties.
Heeco, the Humber Electrical Engineering Company, was forced to call in insolvency specialists FRP Advisory LLP to handle the administration process, with partners Andrew Haslam, Tonya Allison and Phil Pearce appointed as joint administrators.
In a statement to the public, the administrators cited “severe financial pressures in recent months following the culmination of previous contracts and delays in the receipt and commencement of new contracts,” as the reason for the company’s collapse.
A “hole in production” was, therefore, the ultimate cause of “insurmountable cash flow issues”.
Heeco entered administration on 3 June 2019 and has since ceased its trading operations.
Located in the Sutton Fields Industrial Estate in Hull, Heeco was known for providing a range of electric services for both land and marine purposes. Specifically, it designed and manufactured motor control centres, LV switchboards and custom-built control panels for a number of large-scale projects.
One of its major clients included the Ministry of Defence.
Haslam further commented: “Every effort was made to save the company in recent weeks, however, with no prospect of a purchase, the only remaining option was to close the business.
“In the meantime, we would urge any parties interested in acquiring the assets to contact us as soon as possible.”
Click here to view the Humber Electrical Engineering Company listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
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