Tue, 02 Apr 2019 | ADMINISTRATION
An engineering contractor from West Yorkshire has been forced to cease its trading operations and appoint administrators as a result of a string of financial difficulties.
Ambitemp (M&E) Limited entered administration on 22 March 2019 and called in financial advisory firm KPMG to handle the restructuring process, with partners Howard Smith and James Lumb appointed as joint administrators.
Providing mechanical and electrical engineering services, the company based in Huddersfield operated in all sectors in the building and construction industry, including in commercial, residential, official and government.
The company offered a range of services, including design, management, technical advice, cost planning and maintenance. Amongst some of their installations are fire protection and fire fighting systems, heating, mechanical ventilations, vibration and acoustic control and water treatment and filtration services.
However, due to insufficient working capital and the financial inability to sustain contracts, the business was forced to halt its operations and enter administration.
Smith, also an associate partner at KPMG, said: "The company experienced significant cash flow difficulties following the recent loss of a major contract.
"The company's financial performance was further exacerbated by a number of unprofitable contracts, which left the directors with little choice but to place the company into administration.
"We [the administrators] are on site to support the impacted staff."
The administrators are exploring options to ensure the future of Ambitemp (M&E) Limited, and are inviting all offers of interest from potential buyers immediately.
For more news stories about administrations click here. For all our administrations listings, click here.
Unusual opportunity to acquire this national and well established, full service Mechanical & Electrical consulting engineering company. Offers invited.
LEASEHOLD
Heating and civil engineering services provider, operating within the utilities sector for over 15 years. Provides a wide range of plumbing, heating and civil engineering services, tailored to each individual client’s needs. Offers invited.
FREEHOLD
An excellent opportunity exists to purchase the business and assets of a long-established commercial Body Builders, Coachworks and Repair Business based in the Midlands. The company is a founder member of the VBTA. Offers invited.
LEASEHOLD
|
23
|
|
May
|
Fintech company Loot collapses into administration | ADMINISTRATION
After failing to secure further backing from the Royal Bank ...
|
22
|
|
May
|
Spike in M&A activity in the education sector | BUSINESS SALE
In recent months, the education sector in the UK has witness...
|
22
|
|
May
|
Jamie Oliver restaurant empire collapses into administration | ADMINISTRATION
Celebrity chef Jamie Oliver, who shot to fame after campaign...
Sign up to receive our acquisition alert emails to get your FREE guide
|
05
|
|
Jan
|
Airline’s engineering arm enters administration | ADMINISTRATION
Monarch’s last surviving division has fallen into admi...
|
25
|
|
Oct
|
Yorkshire manufacturer completes MBO | MBO/MBI
Senior Architectural Systems, a window and door manufacturer...
|
16
|
|
Aug
|
Steel fabrication firm enters administration | ADMINISTRATION
Rippin Limited, a Scottish structural steel manufacturer, ha...
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