Mon, 15 Feb 2016 | BUSINESS SALE
Four months after being bought out of administration by its sister company, Chesterfield-based Peak Toolmakers Ltd finds itself in difficulty once more. The original deal, with Peak Toolmakers (Assets) Ltd, managed to save around 50 jobs, but that now looks to have had only a temporary effect.
The distressed business, which supplies machine tools for Jaguar Land Rover, Nissan and BMW, has now been put up for sale by insolvency specialists due to a lack of capital. Kelly Burton and Rob Dymond of Wilson Field were charged with handling the sale of the manufacturer, with 13 staff being retained to complete the current run of orders and all other staff being made redundant.
Kelly Burton told Insider Media Limited: “Peak Toolmakers had a number of orders but ran into difficulty due mainly to a lack of working capital.
"This situation has now resulted in us being appointed and, at this stage, regrettably having to make a number of staff redundant. The company is still trading but operating on a total of 13 staff to complete current orders.
“For any potential buyers, there are skilled staff available in the local vicinity and they would be buying a recognised name in the industry with a good reputation and an established customer base.”
Business recovery and insolvency specialists Wilson Field were originally asked to look at Peak Toolmakers back in September 2015, when a major customer reduced its orders significantly. Before that time, the business had remained in profit for a decade.
View the latest UK businesses in administration.
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