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.
An urgent sale is sought and offers are required by midday on Thursday 21st November 2019. Specialises in ground works, highways and landscaping. Current work in progress and significant pipeline.
Indicative offers are required by 17:00hrs on Monday 18 November 2019 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 general haul...
Installs, services and maintains a wide variety of machinery within the recycling and waste management industry. Circa 150 active clients, approximately 40% of whom provide reliable and repeat business on an ongoing basis. Excellent industry reputati...
Sign up to receive our acquisition alert emails to get your FREE guide
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