Wed, 17 Mar 2010 | ADMINISTRATION
After suffering increasing losses, Teesside fabrication firm Hertel Project Services (HPS) has been placed into administration.
The jobs of over 100 employees are hanging in the balance after the business succumbed to the affects of the recession. HPS also blamed a lack of new orders.
Engineering giant Hertel bought the business from Aker Kvaerner Engineering Services in 2006 and injected several million pounds into it.
Joint administrators David Broadbent and David Thornhill of Vantis Business Recovery Services explained that it had proved difficult to attract the level of work needed to keep the site afloat.
The business had "been making losses for some time," Mr Thornhill commented. "Its parent company has taken the decision that it can no longer afford to support the company."
HPS is working to finish current orders, having gained the administrators' permission to do so.
David Fitzsimons, director of HPS said: "Unfortunately, the business has not been the success we'd hoped it would be."
The engineering company is part of Hertel UK, and has customers in the nuclear, petrochemical and pharmaceutical industries.
This well-established business in Suffolk is renowned for providing bespoke hydraulic, electric, and mechanical systems across various industries, with end-to-end solutions and a strong reputation for quality and reliability.
This well-established Buckinghamshire-based wholesale catering supplier offers a diverse range of fresh produce, dairy, and catering essentials to sectors such as hospitality and healthcare.
This well-established Essex-based business offers a comprehensive suite of bespoke luxury furniture services, from design to installation, catering primarily to private clients and developers.
|
04
|
|
Jul
|
East Midlands furniture manufacturer ceases trading | ADMINISTRATION
Andrew Paul Furniture Limited, a major furniture manufacture...
|
04
|
|
Jul
|
Yorkshire law company Ison Harrison merges with Skipton firm | MERGER
Ison Harrison, an employee owned law firm based in Yorkshire...
|
04
|
|
Jul
|
£37m-turnover pet food firm falls into administration | ADMINISTRATION
Kennelpak Limited, a private equity-backed pet products comp...
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.