Thu, 05 Mar 2015 | ADMINISTRATION
A Nottingham-based engineering contractor has been placed in administration following recent contract losses.
The directors of the 40-year-old engineering contracting firm, Ailsen Ltd, called in administrators from insolvency firm Baker Tilly in on 4 March. Dilip Dattani and Patrick Ellward were appointed joint administrators and 17 members of staff at the firm were made redundant while trading has ceased.
The engineering company founded in 1975 has worked with a range of clients from various sectors, including Nottingham Forest FC, Boots and Capital One.
The firm attributed contract losses over the past year, which led to dropped margins and cashflow problems, for calling in administrators. The firm was also unable to continue making payments to suppliers and sub-contractors due to a lack of working capital.
Dattani, a restructuring and recovery partner at Baker Tilly, explained: “The cashflow issues were such that the directors had little choice but to place the company into administration.
“We have appointed independent quantity surveyors to review the company’s contract base and we are currently liaising with the various customers to seek value and the best overall position for stakeholders on each contract.”
Five employees have retained jobs on a short-term basis to help the administrators.
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Related information:
Contact the administrators at Baker Tilly
Browse our businesses in administration
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