Thu, 28 Jun 2018 | ADMINISTRATION
Escubed Limited, a research and development company based in North Yorkshire, stopped its operations and has appointed administrators following tough financial times.
The contract analytical laboratory in Wetherby operated across a number of industries to provide research and development services in powder and material technology.
Insolvency practitioners Armstrong Watson LLP have been called in, with partners Rob Adamson and Mark Ranson assigned as joint administrators. Pinder Asset Solutions have been appointed to assist with the sale and marketing of the company’s assets.
Rob Adamson, Escubed Limited’s lead administrator, said: “Immediately prior to our appointment, but in conjunction with ourselves, the directors made the difficult decision that the company should cease trading due to its inability to meet its ongoing financial obligations.
“It is too early to comment upon the likelihood of the return to creditors as this will depend upon the level of realisations achieved and the extent of the claims received.”
Escubed Limited was founded in 2008 as a spin-out company from the University of Leeds, acting as a particle characterisation analysis laboratory that also carries out research and development.
“We have engaged Pinder Asset Solutions to assist with the marketing and sale of the tangible assets however we have not ruled out a potential sale of the business in some form given its bespoke nature. Any expressions of interest should be directed to the joint administrators in the first instance,” said Adamson.
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