Troubled Times For Engineering Firm
9:02am 21st March 2013
(Updated 2:11pm 21st March 2013)
A Weymouth engineering firm have hit troubled times.
Park Engineering on the Grandby Industrial Estate have brought in administrators to look at the company's future, as the manufacturing industry continues to feel the effects of the economic downturn.
Geoffrey Bouchier and Benjamin Wiles, both of leading global financial advisory and investment banking firm Duff & Phelps Ltd., were appointed Joint Administrators of the Company on 15 March 2013. The appointment was made by the Directors of the Company.
The Company will continue to operate, on a reduced scale, whilst the Joint Administrators review all potential opportunities available to maximise the realisations for the Company's creditors including a sale of the business. Outstanding customer orders continue to be fulfilled.
50 employees have been affected.
The Company’s Director, Ben Edwards, commented: “Despite the support of shareholders, funders and other key stakeholders, the tough economic conditions affecting the manufacturing industry have made it difficult to resolve the Company’s financial position. We have appointed Administrators in order to protect the Company and its creditors. We will now assist the Administrators in exploring all options available to them in order to obtain the best outcome possible”.