Wed, 14 Dec 2022 | ADMINISTRATION
Nottinghamshire engineering company Firber Engineering Ltd has fallen into administration, with a buyer now being sought for its assets. The company, which designed and manufactured steel recycling and waste containers, was set up in 1968 and had built a strong customer base.
Despite this, the firm’s sales had been impacted by COVID-19 and these struggles were further exacerbated as steel prices were pushed up following the onset of Russia’s war in Ukraine. As a result, the company appointed Simon David Chandler and Scott Christian Bevan of Mazars as joint administrators.
The company’s 29-strong workforce were made redundant upon the appointment of the joint administrators, who will now seek a buyer for all or part of the firm’s assets.
In a statement, Mazars said: "Following several successful years trading, the COVID-19 pandemic affected sales patterns, resulting in diminishing profit margins. More recently the shortage of, and significant increase in, the cost of steel due to the war in Ukraine caused significant cash-flow issues. Given these difficulties, the directors decided that the company had to be placed into administration.”
Joint administrator Simon Chandler added: “It is always disappointing to see a prominent Nottinghamshire company like Firber Engineering Limited cease trading.”
Chandler added that, once the decision had been made to enter administration, “the directors were keen to act quickly to prevent the position for creditors worsening and so appointed administrators."
In Firber’s most recent accounts at Companies House, for the year ending August 31 2020, its fixed assets were valued at £239,311, while current assets stood at £1.7 million and net assets amounted to slightly over £0.5 million.
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