Historic Hull electrical engineering firm enters administration

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.


Share this article



Latest Businesses for Sale

Engineering, Fabrication & Installation Services
UK Wide

A strong pipeline of confirmed work in place for the coming year. Operates as a principal contractor on projects of all sizes, with additional services include civil engineering and M&E solutions. Offers invited.

Asking Price: Offers Invited
Turnover: £11,600,000

FREEHOLD


Filtration & Separation Engineering Company
North of England, UK Wide

A service engineering company offering a bespoke service to the chemical,pharmaceutical, effluent and waste water treatment, aggregate, food and oil industries, including sales of new and refurbished centrifuges, filter presses, Nutsche filters and v...

Asking Price: Offers Invited
Turnover: £410,000

FREEHOLD


Mechanical Maintenance & Fabrication Company
UK Wide

Established business. This business has traded successfully for some 40 years. During which time it has carved out a niche market for on-site working with a highly praised workshop back up. Throughout this trading period the company has acquired a go...

Asking Price: £1,000,000
Turnover: £1,911,539

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Jan
 

Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...

 
16
 
Jan
 

Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...

 
15
 
Jan
 

SSE sells retail business to OVO Energy | DIVISION SALE

Power utility SSE has announced it has completed the sale of...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
22
 
Aug
 

Welsh technology firm plunges into administration | ADMINISTRATION

Thought to be one of the country’s leading ICT supplie...

 
17
 
Jul
 

Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION

A caravan manufacturing business in Preston is on the lookou...

 
05
 
Mar
 

Independent bathroom retailer enters administration | ADMINISTRATION

Thought to be the UK’s largest independent bathroom re...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources