Wed, 03 Dec 2014 | BUSINESS SALE
Coventry-based engineering business Middleton Precision Engineering is now in the hands of administrators and up for sale following cash flow uncertainty due to customers’ move away from placing future orders.
Matt Hardy of Poppleton & Appleby was drafted in on 21 November 2014 to take care of things for the business, hit by a change in client ordering habits in recent times.
Middleton is to continue running while in administration, with a hope that a buyer will be identified. The administrator is optimistic about buyer interest being forthcoming.
The family run business, set up in 1993 by Keith Middleton, had seen year-on-year growth but has recently been affected by changes in manufacturing sector.
Mr Hardy told Insider Media: "Middleton, like many other small companies in the manufacturing industry, has witnessed operational difficulties due to order book uncertainty.
"The firm has seen customers switch from placing long-term orders months in advance to orders confirmed within weeks. This has resulted in a lack of confidence and uncertainty within the business."
The business carries out services including skilled manual and precision CFNC milling and turning, sub-contract dimensional inspection and quality services. It is also working towards achieving the 1SO 14001 standard.
It has been looking to enter the F1 and the medical markets, and its end users include Jaguar Landrover, Honda and Aston Martin.
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