Thu, 13 Dec 2018 | ADMINISTRATION
A lighting company based in Normanton has been forced to engage administrators after citing financial difficulties as the reason for its downfall.
Harvard Technology Limited, a smart wireless lighting specialised, called in Grant Thornton UK on 10 December 2018 to handle the administration processes, and have appointed partners Sarah O’Toole and Chris Petts as joint administrators.
Located near Wakefield, West Yorkshire, Harvard Technology Limited has been trading in the industry for over 25 years, having produced a number of lighting solutions for a variety of platforms over the years.
Primarily, the company produces LED lighting drivers and engines and creates wireless control solutions for both indoor and outdoor spaces, generated via its EyeNut and LeafNut systems.
In the financial year ending 31 October 2017, Harvard Technology Limited reported a turnover of £21.1 million with a pre-tax loss of £4.2 million.
In a statement, however, the joint administrators said that although “significant progress” had been made in the past two years in an attempt to turnaround the business, difficult trading conditions and cash flow pressures were the fundamental reasons for calling in administrators.
“Despite these efforts, the directors have been unable to secure the survival of the company in its current form and could not continue to trade the business given the increasing funding needs,” said O’Toole and Petts.
They further commented that the business had been exploring the possibility of a sale for a handful of weeks now.
“We continue to explore the possible sale of parts of the business,” the administrators concluded.
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