Tue, 01 Jul 2014 | ADMINISTRATION
Leeds-based Microdat Ltd has entered administration despite announcing plans to expand its business premises with a £100,000 investment earlier this year.
Ian Schofield and Graham Newton, business restructuring partners at BDO LLP, have been appointed as joint administrators to the brewing equipment supplier. The company, which has been trading for more than 25 years, employs 74 staff, with all the jobs at risk as a result of this news.
The Yorkshire firm specialises in engineering and project management, specifically around the automation and process management of brewing and distilling alcohol. The administrators have said the company will continue to trade while they try to find a buyer for the business and assets as a going concern.
Microdat has been subject to multiple investments from Finance Yorkshire in recent years, including a £500,000 equity-linked investment in 2011 to help the business meet growing demand. It also invested £100,000 earlier this year to double the size of the company’s premises.
Finance Yorkshire provides seedcorn, loan and equity-linked investments, ranging from £15,000 to £2 million, to businesses based or moving to the region. The organisation’s CEO Alex McWhirter said: "It is very disappointing to see Microdat in administration.
"We invested in a company with a very good industry reputation and substantial track record – it had been in business for 25 years – and it was showing signs of significant growth. We are hopeful that a buyer can be found to safeguard the Microdat business and jobs."
Maitland Hyslop, CEO of Microdat, added: “Despite the current circumstances the company has demonstrated a potential for both growth and profitability. It represents an opportunity to acquire both a market presence and a talented workforce in a growing and vibrant market.”
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