Thu, 10 Apr 2014 | ADMINISTRATION
Yorkshire-based manufacturer Norking Aluminium has entered administration, with 98 jobs being lost as a result.
The company, working out of Doncaster, made and installed bespoke aluminium and glass facades. Although orders had remained high, Norking fell behind with tax arrears following a “tough trading period”, which led to administrators being called in on Friday 4 April.
Insolvency specialists Wilson Field has been appointed administrator. The firm will attempt to find a new owner for the manufacturer and has stated that while there is interest in the company, nothing has come of it yet.
Norking Aluminium was founded in 1973 and has an annual turnover of £17.5 million. It has blamed banks for not supporting the company during its cashflow problems, particularly as it had big orders on its books, the Thorne and District Gazette reported.
A finance deal had been proposed to secure Norking’s future but when this fell through it was left with no choice but to seek the advice of Wilson Field. They determined that the company was in no position to continue trading and nearly 100 staff were made redundant immediately.
Lisa Hogg, insolvency practitioner at Wilson Field, said: "At this stage there were few options available for us other than to seek a new owner and despite our succeeding in finding several parties with an interest in the business at this late stage, none of these have yet amounted to anything.
"As the company was not in a position to continue trading, it was with regret that all 98 staff have been made redundant. We will be working alongside all stakeholders to determine the most appropriate next steps for the benefit of all creditors."
_____________________________________________________________________
Related information:
Contact the administrator here
Find other businesses for sale
Acquisition finance
Represents an opportunity for an acquirer seeking a retail outlet entailing a grocery, bakery and a busy off licence.
LEASEHOLD
Impressive single fronted premises all newly fitted approximately few years ago. Open plan kitchen area with stainless steel extractor system, stainless steel cladding to walls.
LEASEHOLD
This is an exceptional opportunity to acquire a dynamic and rapidly growing conservatory refurbishment company, boasting a skilled team and strong trading growth across Scotland and northern England.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.