Wed, 31 Jul 2013 | ADMINISTRATION
A Scottish engineering and machining firm has entered administration following a prolonged downturn in demand from key sectors.
Anderson Precision Gearing (APG), based in Motherwell, called in administrators from PwC to handle the situation. Bruce Cartwright and Alan Brown were appointed and have taken the decision to cease trading at the business, leaving 38 employees immediately affected. The remaining employees from the company's 44-strong workforce have been kept on to help realise the value of the company's assets, suggesting that while a full business sale is not on the cards, PwC are likely to dispose of APG's assets.
Mr Brown commented on the administration: “From our initial review of the businesses, it was clear that it would not be possible to continue to trade, nor was there sufficient interest in acquiring the business or assets as a going concern.”
He added that the priority now will be to look into ensuring an “orderly wind down of the company”, while keeping all parties up to date on where the business stands.
APG was hit by a decline in demand after the loss of a number of key contracts. While the firm's directors looked into alternative strategies, they proved unsuccessful and the company was pushed to call in administrators. PwC now look set to sell off the firm's assets and tidy up the business.
This isn't the first time the business has faltered. Back in late 2010 the company entered voluntary provisional liquidation after losing a major contract.
Contact the administrators here
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