Fri, 03 Mar 2023 | ADMINISTRATION
Administrators are seeking a buyer for a Lincolnshire wood-based pellets firm, after the company collapsed following an unsuccessful attempt to expand its operations. Moorfields Advisory’s Andy Pear and Milan Vuceljic were appointed as joint administrators to 3F Pellets on February 22 2023.
The company, which is based in Saxilby, Lincolnshire, was founded in 2015. The firm primarily manufactures and supplies wood-based pellets products, including horse bedding, biomass heating pellets and cat litter.
Recently, 3F had poured significant investment into machinery and equipment as it looked to expand its business further into the biomass industry. However, these efforts proved to be largely unsuccessful, leading to the company running into financial difficulties.
As a result, the firm appointed restructuring specialists Moorfields as administrators, with a view to securing a buyer for the business and its assets.
Moorfields partner and joint administrator Andy Pear commented: “3F Pellets has a good customer base and the right location and equipment but similar to many companies has struggled with new market entry. We hope to find a suitable purchaser for the business and assets who will be able to expand the business as intended.”
In the company’s most recent accounts at Companies House, for the year ending December 31 2021, the business reported fixed assets of £6.9 million, with current assets valued at £163,341. At the time, the company’s net liabilities amounted to £2.7 million.
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