Thu, 22 Nov 2012 | ADMINISTRATION
Hampson Industries has entered administration and sold off its BHW Components business to an engineering firm.
Northampton-based LNB UK bought BHW, which makes components for use in fuselages and other aircraft parts, for £2.36 million, despite the fact that the firm made a £3.9 million loss in the year to 31 March 2011.
The proceeds of the sale will be used to pay down some of Hampson Industries' debts during the administration process.
Administrators Simon Kirkhope and Chad Griffin of FTI Consulting have also said that they are seeking a sale for the company's operations in the US and India.
Analysts have suggested that Hampson Industries' overambitious plans for growth and expansion are to blame for its collapse. Rachel Eade, supply chain specialist at the Manufacturing Advisory Service, told the Birmingham Post: “This business failure has come out of a company trying to be successful and grow, so it is sad.
“In essence, for whatever reason they overstretched and didn't do their due diligence properly and were caught. There will be a big impact on the supply chain because Hampson Industries was a key supplier.”
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