Thu, 24 May 2012 | ADMINISTRATION
Leeds-based Airedale Electrical has gone into administration, it has been confirmed.
The business, which is part of the unaffected Airedale Mechanical and Engineering, had a £30 million turnover and a workforce of around 60.
Administrators from XL Business Solutions were appointed earlier this week (21 May) to wrap up the business. As yet it is unknown just what is planned for the company's future and whether a buyer is being sought.
The latest accounts lodged with Companies House revealed that Airedale Electrical had a pre-tax profit of £158,000 at the end of the 2010-11 financial year. This was an increase from the previous year's profit of £53,000, while turnover rose to £30 million from £21 million in the year to March 2010. However, it appears that this level of profit has not been enough to keep the business afloat.
Parent company Airedale Mechanical and Electrical, meanwhile, turned over a healthy £66 million in the same period and enjoyed a pre-tax profit of £961,000. It employs around 150 staff on its contract jobs across the country and is currently working on profitable jobs such as the £10 million M&E contract with Balfour Beatty for the 60 Holborn Viaduct office development in London.
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