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.
This stunning multi-function restaurant in Hertfordshire offers an exceptional opportunity with its full A3 and alcohol license, operating only four evenings a week and boasting a remarkable turnover.
LEASEHOLD
This West London high street restaurant presents an enticing opportunity with its prime double-fronted location and full A3, A5, and alcohol licences.
LEASEHOLD
This is a rare opportunity to acquire a well-known and highly rated destination gastro-pub in Essex, featuring a spacious 3-bedroom owner’s flat and a full A4 licence.
LEASEHOLD
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.