Tue, 06 Aug 2019 | ADMINISTRATION
Sheffield-based engineering firm Eadie Industries, which trades as Ewen Engineering, has announced that it has gone into administration as a result of ongoing financial difficulties and is looking for a buyer.
The global company specialises in the manufacture and testing of precision engineering products and currently employs 17 people at its site on the Tinsley Industrial Estate. To date, none of the company's employees have been made redundant as a result of its collapse.
Products made on at the site range from single components to full assemblies, including precision-turned parts, master break cylinders, and hydraulic and pneumatic assemblies.
According to a spokesperson for the company, the reason for collapse is a combination of overinvestment in new technologies already embraced by their competitors and the loss of a number of key contracts over recent years.
Ewen Engineering was established in the 1970s and rapidly gained a reputation for delivering high quality products using state-of-the-art technology. The business gained such a strong following, in fact, that it has since become the favoured supplier for some of the leading names in the engineering industry around the world.
In spite of its success, the financial situation of the company has resulted in the need to appoint joint administrators Louise Freestone and Paul Mallatratt of Bridgewood Financial Solutions, who have begun considering the firms options. These will include the potential sale of the company.
Ms Freestone confirmed that the owners are hopeful that the firm will find the right buyer so it can continue trading. She added: "Ewen Engineering has a skilled workforce delivering specialist components to a very high standard. Given this pedigree we are hopeful that a buyer can be found."
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