Sat, 09 Jul 2016 | ADMINISTRATION
SST Process Engineering, a metal fabricator business based in Grantham, Lincolnshire, has been placed into administration, with trading ceased and all seven employees made redundant.
Uncertainty in the market in the wake of the EU Referendum was cited as the main reason for the present situation, following a drop in work, with the directors having resolved that the business was no longer tenable.
Adrian Allen and Steven Law of RSM Restructuring Advisory LLP have been appointed as joint administrators and have teamed up with agents John Pye & Sons Limited to sell off the company's assets.
Mr Allen revealed more about the reason behind SST Process Engineering being in administration: “A high percentage of the company’s client base are owned by European parent companies and concerns over a Brexit significantly reduced the number of pipeline orders for the Grantham-based business, which triggered the need to place the company into administration and protect the assets for the benefit of the company’s creditors.”
A public viewing of the business took place yesterday (8 July 2016) and an online auction is to run on Monday 11 July.
Established for more than 25 years, SST Process Engineering offered design, manufacture and repair of special purpose process equipment such as Shell, Tube Heat Exchangers and Pressure Vessels, from 7,500 sq ft of fabrication plant and offices in Grantham.
Contact the administrators here
The company provides UK-wide distribution solutions, specialising in Hiab hire and transporting cargo that requires ADR certification. The business utilises its proficient drivers and fleet to effectively collect and distribute goods of all sizes, in...
This is a unique opportunity to acquire a well-established scaffolding supply business in Scotland, offering comprehensive services and working with blue-chip clients across various industries.
This reputable company is a leading supplier and installer of commercial flooring and hygienic wall cladding, known for its strong relationships and premier installer status with a market-leading manufacturer. With a broad range of installation solut...
15
|
Jul
|
Business and assets of furniture manufacturer acquired in pre-pack deal | BUSINESS SALE
The business and assets of a Wiltshire-based furniture manuf...
15
|
Jul
|
DJH continues acquisition drive with first takeover in Ireland | BUSINESS SALE
Private equity-backed accountancy and professional services ...
15
|
Jul
|
Hospitality giant acquires £12.3m-turnover hotel group | BUSINESS SALE
Property, construction and hospitality giant The Arora Group...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.