Tue, 31 Mar 2015 | ADMINISTRATION
A Peterlee-based metal tubing manufacturer has announced that it has entered administration.
Ferschl Tubeform Limited, based in Peterlee, County Durham, called in administrators from Baker Tilly Restructuring and Recovery after suffering six continuous years of financial losses. The move has meant 44 members of staff have been made redundant.
The firm had been receiving support from the Ferschl group of companies, which also includes Gateshead-based Ferschl Hose and Hydraulics and Cleveland Flexible Engineering, but this had become “unsustainable,” said joint administrators Ian Kings and Steven Ross.
Baker Tilly released a statement, which read: “It was not possible for the administrators to sell the company as a going concern. As a result, the company has ceased to trade and regrettably 44 staff members have been made redundant.”
Ferschl Tubeform operates from its site on the South West Industrial Estate, however since going into administration the base has been closed. The company, which was formed in 1987, manufactured components and parts for the heavy construction vehicle and material handling industries. Additionally, it manufactured a range of handrails using carbon, aluminium, steel and stainless steel.
Ferschl Hose and Hydraulics Ltd was the first in the Ferschl group, forming in 1971 as a stainless steel flexible hose supplier. The group acquired Cleveland Flexible Engineering in 2001, also a manufacturer of stainless steel but also capable of welding stainless steel.
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