Historic manufacturing firm falls into administration

Tue, 24 Feb 2015 | ADMINISTRATION

A South Yorkshire-based wire manufacturing firm dating back to 1842 has fallen into administration, documents reveal.

Fox Wire was the UK's largest manufacturer of engineering wiring until recently, and worked from its site in Stocksbridge, Sheffield. New documents reveal that the firm has gone into administration following a downturn in the oil and gas markets.

The administration was triggered by a late withdrawal of funding as part of a solvent rescue. Following the deal's breakdown, Andrew Wood and Ashleigh Fletcher from The P&A Partnership were appointed joint administrators on 22 December 2014.

The company had previously restructured in 2013 following the economic recession, during which time Finance Yorkshire invested £1 million and HSBC provided £3.2 million to cover debt and working capital facilities. It is believed that creditors will be left out of pocket from the administration, with Finance Yorkshire missing out on a massive £1.3 million, and HSBC receiving just £470,742 of the £571,000 it was still owed at the time of the firm entering administration.

Further, 40 members of staff were made redundant at the time the administrators were appointed. Some have continued as sub-contractors to aid in winding down and completing orders.

Chief executive of Finance Yorkshire Alex McWhirter commented: “It is very disappointing to see Fox Wire in administration. We invested in a company with a substantial track record and at a time when it was showing signs of a strong future and trading potential.”
______________________________________________________________________
Related information:
Contact the administrator here
Tips on turning a struggling business around
Businesses in administration


Share this article



Latest Businesses for Sale

Classic Car Restoration & Sales (Fast Sale)
Lincolnshire, UK Wide

Expert team of specialist vehicle restoration mechanics and engineers. Spacious showroom and workshops. Please note, this is an accelerated process. Best and final offers are to be received by 5:00pm Monday 17 December 2018.

Asking Price: Offers Invited
Turnover: £343,328

Private & Corporate Event Catering Management Company
South East, UK

A profitable independent catering company that provides catering services throughout the Southeast. This is an opportunity to purchase a business with an established turnover, a loyal customer base and potential to grow. Offers invited.

Asking Price: £220,000
Turnover: £700,000

Takeaway & Delivery Restaurant
Barking, London, South East, UK

Profitable pizza, kebabs, chicken takeaway and delivery restaurant for sale. Established over 20 years. Very busy takeaway and delivery situated in a busy location with custom from local residential area and nearby school. Lots of passing trade from...

Asking Price: £159,000
Turnover: £384,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
11
 
Dec
 

Concrete company acquired in impressive deal | BUSINESS SALE

A Wrexham-based concrete products and quarrying company is s...

 
08
 
Dec
 

Geotechnical firm completes MBO | MBO/MBI

A geotechnical consulting group based in Durham has successf...

 
06
 
Dec
 

Construction company enters administration | ADMINISTRATION

A Bristol-based construction firm has collapsed into adminis...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
08
 
Dec
 

Geotechnical firm completes MBO | MBO/MBI

A geotechnical consulting group based in Durham has successf...

 
13
 
Nov
 

Intermet Refractories completes MBO deal | MBO/MBI

Intermet Refractories, a metal casting component manufacture...

 
25
 
Sep
 

Recruitment firm undergoes MBO | MBO/MBI

A recruitment business headquartered in Pontypool, South Wal...

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