Engineering firm for sale after hitting cash problems
1 min read
Business advisors are looking for buyers for an engineering firm which helped build London's Olympic Village (pictured) after it hit financial difficulties.
Engineering Services (Humber), which specialises in the design, supply, fabrication and installation of plastic pipe systems, was formed in 1964 and had clients including the Olympic Village, The London Dome, Robin Hood Airport, HM Prisons and Balfour Beatty.
The Retford, Nottinghamshire company went into administration with the loss of 41 jobs after hitting financial problems and is now in the hands of joint administrators Tyrone Courtman and Nick Edwards, of Cooper Parry. They said they had "received a few inquiries" and are looking to sell the business, or parts of it, as a going concern.
Courtman said: "Engineering Services had been experiencing increasing cash flow difficulties over the last few months and despite management's best attempts to secure the company's future, this ultimately was not possible.
"Unfortunately, it was concluded that the company was not in a financial position to continue to trade and all employees had to be made redundant."
Cooper Parry is now looking for ways to complete the remaining order book and has appointed quantity surveyors to help.
