Tue, 03 Feb 2015 | ADMINISTRATION
An engineering firm in Rotherham has gone into administration following financial difficulties.
MTL Group Limited – a contract manufacturing specialist – has been placed in administration, under the control of John Sumpton and Hunter Kelly from EY. The move has led to the redundancy of 157 employees, with 146 retaining their jobs while a new buyer is sought.
The company got into financial difficulties after making huge losses on a large overseas defence contract.
Mr Sumpton explained: “Although the company was historically profitable, it has encountered difficulties on a large overseas defence contract which resulted in losses and cash flow problems.
“Despite best efforts to secure new investment or a sale of the company, the immediate cash flow pressures left MTL Group unable to meet its creditor obligations and the directors took steps to appoint administrators.”
He added that some contracts remain active as the remaining staff keep the facility in operation, while they will also be providing advice and support to those who lost their jobs to see that they receive both outstanding wages, as well as redundancy and notice pay.
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