Leicestershire engineering firm slips into second administration

Mon, 05 Jun 2017 | ADMINISTRATION

An engineering company based in Leicestershire that was sold out of administration in a pre-pack deal 6 months ago has slipped back into insolvency.

Midlands Metal Fabrications was established after Midland Metal Products in Desford was hit by a decline in orders and a shortage of skilled workers to meet the demand, resulting in administrators being called in.

However, the business and assets were sold to Midland Metal Fabrications Ltd on the same day in a deal which safeguarded 84 jobs.

At the time, Kayvan Namazi of Midland Metal Fabrications said: “I’m delighted to have concluded a purchase of the Midland Metal Products Limited business. There is much work to do, but I see a great future for the business with lots of potential.”

However, barely six months on and administrators have been appointed to the new firm.

Restructuring specialists from Duff & Phelps have been working with Midland Metal Fabrications for a "number of weeks" in a bid to find a solvent solution after it ran into difficulties, but the company's order book had not increased as quickly as anticipated following the rescue deal in November, and they have as yet failed to find a concerned buyer.

The Duff & Phelps spokesman said the firm would continue to seek a buyer for the business.

Find more businesses in administration here.
Subscribe to Business Sale Report here.


Share this article



Latest Businesses for Sale

Private Hire Taxi Company
North of England, UK Wide

Specialises in providing fast, reliable and trustworthy private hire transport services using a modern and maintained fleet for the public, commercial and corporate sectors. Service offering is enhanced through an industry-leading smartphone applicat...

Asking Price: Offers Invited
Turnover: £5,600,000

LEASEHOLD


Home Care Franchise
Mansfield, Nottinghamshire, East Midlands, UK

The franchisor offers a white-collar management franchise focusing in the dynamic multi billion pound care and support market. The role of a franchisee is one of working “on” the business, as opposed to working “in” the business – managing people, st...

Asking Price: £250,000
Turnover: £1,200,000

LEASEHOLD


Security Services Business
London, Buckinghamshire, South East, UK

Established business acquired as going concern in 2013 with excellent reputation for quality, service and reliability. An opportunity exists to purchase the business and assets of well-established security business. Long track record of profitability...

Asking Price: Offers Invited
Turnover: £1,900,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
22
 
Jan
 

Jewellery retailer enters administration | ADMINISTRATION

A Nottingham-based jewellery and watches company has fallen ...

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

 
17
 
Jan
 

Fine paper business enters administration | ADMINISTRATION

Arjowiggins UK, which operates a number of trading companies...

Free guide: 10 Biggest Buyer Mistakes

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

Email


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