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
Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...
LEASEHOLD
Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.
Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....
LEASEHOLD
|
17
|
|
Jan
|
Sample book and shade card manufacturer acquired from administration | BUSINESS SALE
The business and assets of Yorkshire-based display products ...
|
16
|
|
Jan
|
Northgate and Redde shareholders approve merger | MERGER
The proposed merger of listed companies Northgate and Redde ...
|
15
|
|
Jan
|
SSE sells retail business to OVO Energy | DIVISION SALE
Power utility SSE has announced it has completed the sale of...
Sign up to receive our acquisition alert emails to get your FREE guide
|
08
|
|
Aug
|
Plymouth wind power business enters administration | ADMINISTRATION
Wind power group Rame Energy plc has entered administration,...
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