Mon, 24 Mar 2014 | ADMINISTRATION
A buyer is being sought for Dursley-based engineering company Lister Petter, which announced at the end of last week that it had entered administration.
Lister Petter has been in operation for 150 years and employed 5,000 staff at its height. Redundancies have already been announced as administrators look for a buyer for the company, which has been struggling to stay afloat amid sizeable debts.
CBA Insolvency Practitioners has been brought in to act as administrator for the manufacturer of internal combustion engines. Nineteen of Lister Petter’s employees were made redundant in the immediate aftermath of entering administration, while 77 staff had already lost their jobs over the past few months.
Around 100 employees are expected to be kept on as CBA seeks a buyer to save the company or explore which other assets could potentially be sold to keep a streamlined version of the business running.
Speaking to the Gloucestershire Gazette, regional officer from the union UNITE, Trevor Hall, said that he had spoken to the administrators and that the odds of finding a buyer in time were “at best 50-50”. He explained that while the company’s £20 million order book would be attractive to potential buyers, the sheer amount of debt the company owes, which he would not disclose, would put people off.
No one from CBA has been available to comment.
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