Tue, 11 Jun 2019 | ADMINISTRATION
A radiator manufacturer headquartered in Newport, South Wales has collapsed into administration after failing to secure a new buyer to preserve jobs.
Quinn Radiators, which described itself as “Europe’s leading manufacturer of round top radiators with 35 years of experience in the heating industry”, was forced to call in insolvency specialists Grant Thornton to handle the administration process, with partners Alistair Wardell, Matthew Richards and Trevor O’Sullivan appointed as joint administrators.
Prior to administration, the company had been searching for a buyer to take on the business and preserve jobs; however, it failed to secure a new owner in time. Pairing this with the general increase in costs and competition with cheaper imported brands, Quinn Radiators was ultimately forced into the hands of insolvency practitioners.
Wardell commented: “In recent years, the company has faced the ongoing challenge of remaining competitive in the face of increasing raw material prices and cheaper imported brands.
“Over the past months, the directors actively sought a buyer for the company in an effort to preserve jobs and keep the business in the UK.
“These discussions ceased last week without success and with unsustainable losses continuing, the directors took the difficult decision to appoint administrators.
“Our priority now is to work with the retained employees to ensure we achieve the best outcome for creditors.”
The company merged with material supplies group International Industrial Metals in 2017 and underwent a major refinance and restructuring programme. Accounts for the year ending 31 March 2017 detailed a 10 per cent increase in turnover to £51 million, but also reported a pre-tax loss of £7.2 million.
The administrators are actively inviting offers and expressions of interests from interested parties.
For more news stories about administrations click here. For all our administrations listings, click here.
The company provides a range of forklift truck solutions including sales, repairs, servicing, manufacturing and hire. Designs and manufactures its own branded forklifts with an extensive product range including reach trucks, order pickers and tow tra...
LEASEHOLD
Modern, well-positioned UK-based freehold premises to be included in sale. Genuine scope for further growth with development of existing product range and the addition of a sales function. Offers invited.
FREEHOLD
Profitable material handling solution provider. Specialist in the design, manufacture, maintenance and repair of handling systems. This is a retirement sale. Broad capabilities with niche expertise in pallet handling, palletiser solutions, conveyor s...
|
29
|
|
May
|
Monsoon Accessorize close to administration | ADMINISTRATION
Fashion retailer Monsoon Accessorize is close to entering ad...
|
28
|
|
May
|
M&G completes purchase of Ascentric platform from Royal London | BUSINESS SALE
Asset manager M&G has completed the purchase of wealth manag...
|
27
|
|
May
|
Food-to-go supplier calls in administrators | ADMINISTRATION
Adelie Foods, one of Britain’s biggest suppliers of sa...
Sign up to receive our acquisition alert emails to get your FREE guide
|
28
|
|
Apr
|
Pub operator 16 Hospitality appoints administrators | ADMINISTRATION
16 Hospitality, which manages four pubs across Cheshire and ...
|
23
|
|
Aug
|
Administrators called in for energy technology firm Faraday Grid | ADMINISTRATION
Faraday Grid, an Edinburgh-headquartered energy transformer ...
|
07
|
|
Jun
|
Administrators called in for Rotherham metal tech company – buyer wanted immediately | ADMINISTRATION
A specialist metals technology firm based in the Advanced Ma...
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