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.
Specialises in the provision of a wide range of wiring and engineering services and labour. Predominantly operates in the broadcast and AV industries. Works with 20 active clients, all of whom provide reliable, repeat business. Operates to an extreme...
LEASEHOLD
Specialises in the design and installation of chilled water, heating, cooling and ventilation systems. Caters to 10 clients, all of whom provide repeat business on an ongoing basis.
LEASEHOLD
Provides bespoke precision engineering and CNC solutions for a diverse client base, including design, machining, engineering consultancy and post-design services.
FREEHOLD
16
|
May
|
Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE
Manx Financial Group Plc has announced the acquisition of Pa...
13
|
May
|
Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION
The US House Group modular housing joint venture has fallen ...
12
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
Sign up to receive our acquisition alert emails to get your FREE guide
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...
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