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.
This well-established company, renowned for its dependable high-quality products and expert service offerings, holds a leading position in the procurement market with a loyal global clientele.
This turnkey renewable energy business in Herefordshire presents a compelling opportunity with its established recurring revenue streams.
Opportunity to acquire a renowned mechanical and electrical company in Hampshire known for its commitment to excellence and industry trust.
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.