Tue, 24 Feb 2015 | ADMINISTRATION
A South Yorkshire-based wire manufacturing firm dating back to 1842 has fallen into administration, documents reveal.
Fox Wire was the UK's largest manufacturer of engineering wiring until recently, and worked from its site in Stocksbridge, Sheffield. New documents reveal that the firm has gone into administration following a downturn in the oil and gas markets.
The administration was triggered by a late withdrawal of funding as part of a solvent rescue. Following the deal's breakdown, Andrew Wood and Ashleigh Fletcher from The P&A Partnership were appointed joint administrators on 22 December 2014.
The company had previously restructured in 2013 following the economic recession, during which time Finance Yorkshire invested £1 million and HSBC provided £3.2 million to cover debt and working capital facilities. It is believed that creditors will be left out of pocket from the administration, with Finance Yorkshire missing out on a massive £1.3 million, and HSBC receiving just £470,742 of the £571,000 it was still owed at the time of the firm entering administration.
Further, 40 members of staff were made redundant at the time the administrators were appointed. Some have continued as sub-contractors to aid in winding down and completing orders.
Chief executive of Finance Yorkshire Alex McWhirter commented: “It is very disappointing to see Fox Wire in administration. We invested in a company with a substantial track record and at a time when it was showing signs of a strong future and trading potential.”
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