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.
The business for sale is a highly contemporary bar and bistro serving an array of high quality, locally sourced and freshly prepared food and drinks with a great environment. Great reputation in the area for food and live music. Has built up a reliab...
LEASEHOLD
Leading cleaning company in area. High-quality contracts and clientele. All equipment included in the sale. Well-established. Company has an excellent retention rate with a valuable team of staff. Huge scope for growth. The business is now for sale o...
LEASEHOLD
This is an excellent opportunity for an interested and committed buyer to take on a highly reputable e-commerce business which specialises in strapping and other fastening equipment. Excellent online reputation. Wide range of stock. Loyal commercial...
RELOCATABLE
|
29
|
|
May
|
Monsoon Accessorize close to administration | ADMINISTRATION
Fashion retailer Monsoon Accessorize is close to entering ad...
|
28
|
|
May
|
M&G completes purchase of Ascentric platform from Royal London | BUSINESS SALE
Asset manager M&G has completed the purchase of wealth manag...
|
27
|
|
May
|
Food-to-go supplier calls in administrators | ADMINISTRATION
Adelie Foods, one of Britain’s biggest suppliers of sa...
Sign up to receive our acquisition alert emails to get your FREE guide
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