Fri, 10 Mar 2023 | ADMINISTRATION
Administrators from Interpath Advisory are seeking buyers for the business and assets of two major manufacturing firms based in the Midlands. Accrofab Limited and Bromford Industries Limited were placed into administration on March 9, with Interpath’s Chris Pole and Ryan Grant appointed as joint administrators.
The two companies supply global firms in the defence, aerospace and power generation industries. They are based across three sites in Alcester, Derby and Leicester and specialise in precision manufacturing and fabrication of components.
Over recent years, the businesses have been impacted by headwinds including a downward trend in demand following the COVID-19 pandemic, supply chain disruption and rising costs for energy and raw materials.
Furthermore, despite the Alcester and Derby facilities continuing to trade strongly, the Leicester site experienced operational issues which exacerbated the liquidity challenges that the companies had been facing.
Despite the appointment of administrators, the businesses will continue to trade while buyers are sought, with all members of staff to be retained during the process.
Joint administrator Ryan Grant commented: "Over the past 50 years, Bromford Industries has forged an excellent reputation as a tier one supplier of fabricated and machined components to the aerospace, defence and power generation sectors.”
"We have been pleased with the positive conversations and financial support provided by customers in recent days, which has ultimately provided the businesses with a crucial lifeline. We’d also like to extend thanks to the companies' employees for their support and understanding while this process has been underway.”
"Our priority is now to seek buyers for the businesses and assets, and would urge any interested parties to contact us as soon as possible."
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