Fri, 05 Apr 2013 | ADMINISTRATION
Manufacturing businesses RGS Davis Ltd and Davis Pneumatic Systems Ltd could be destined for administration after parts of its parent group Parmeko Group entered insolvency proceedings.
Insider Media has reported that Patrick Lannagan, Dermot Power and Jo Wright of BDO were drafted in to act as the joint administrators for Parmeko Holdings Ltd, Parmeko Group Ltd and Parmeko Ltd two days ago, on 3 April 2013.
Two of the group’s companies RGS Davis Ltd and Davis Pneumatic Systems Ltd – both based in Accrington, Lancashire - are continuing to operate as normal uninvolved in the administration process, but have been placed under a notice of intention to appoint administrators. This situation has also been applied to two more of its businesses: Opus Metrology Ltd and RGS Plus Ltd, located in Corby, Northamptonshire, and Mansfield, Nottinghamshire, respectively.
Mr Lannagan told Insider Media, “We are proactively reviewing all the options for the future of the company, exploring a potential sale of the business and its assets. Anyone seeking further information should contact the joint administrators with any queries.”
Established in 1964 Davis Pneumatic Systems designs and makes special pneumatic and hydraulic parts including cylinders and valves.
The last accounts available for Parmeko Holdings Ltd showed sales of over £9 million for the year ending 31 December 2011, with pre-tax profits of over £250,000.
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