Mon, 19 Sep 2016 | ADMINISTRATION
Two specialist industrial companies owned by Hughes Armstrong Industries and based in Yorkshire have gone into administration.
BCI Brewchem and Halifax Machine Company Ltd have both ceased to trade and called in administrators from insolvency specialists Leonard Curtis.
BCI Brewchem worked with companies from the utility, brewing and beverage, food producers and pharmaceutical sectors. It became part of the Hughes Armstrong group in 2012 and underwent a previous restructure by way of administration in 2014.
However, despite the restructure, the company has reported poor financial results in 2015 and 2016. With projects drying up, BCI being unable to attract new business and contracts, and falling behind in paying HMRC and other creditors, administrators have now been appointed, and all staff have been made redundant.
Halifax Machine Company was established in 2010 as part of a joint venture. It imported equipment from the Far East and customised them in the UK before shipping to clients and customers. Like BCI Brewchem, it became part of the Hughes Armstrong group in 2012 and partnered with a Chinese supplier for the machine carcasses.
Quality issues with the Chinese company repeatedly occurred between 2013 and 2015. Late deliveries led to the HMRC issuing penalty notices to import VAT, and the decision was made to terminate the joint venture. This, along with a massive decline in the oil, gas and steel sectors, contributed to the business unable to pay liabilities to HMRC and administrators were appointed, and Halifax Machine Company ceased to trade.
In a statement to Media Insider, a spokesperson for Hughes Armstrong said it was disappointed by the administration citing a “massive decline in the oil, gas and steel sectors".
“The businesses were also involved in capital expenditure projects that were delayed by the political situation," the spokesman added.
"The group has been successful in its other divisions in diversifying away from the troubled sectors into more active sectors such as power generation, nuclear and aerospace."
The administrators are looking for potential buyers and are seeking to maximise the returns for creditors.
If you are looking to buy a business out of administration, you can find out more here businesses in administration
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
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.