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.
E-commerce retailer of football equipment to schools football clubs & the general public. Key products include specialist training equipment footballs goals & other coaching materials.
Specialist utility services provider delivering contract services for telecommunications & fibre-optic networks. Works include the installation of ducts micro-ducts access chambers street cabinets & fibre optic cable installation for major blue-chip...
Provides bus & coach services on behalf of local authorities universities & private companies throughout the North East of England.
22
|
Jan
|
630,000 UK businesses in “significant financial distress”, according to report | BUSINESS NEWS
According to the most recent Red Flag Alert research from Be...
21
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
20
|
Jan
|
Modulaire Group extends UK presence with Carter acquisition | BUSINESS SALE
Modular space leasing business Modulaire Group has announced...
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