Mon, 14 Aug 2023 | ADMINISTRATION
Vector Precision Engineering, a precision engineering business based in Staffordshire, has fallen into administration. Leonard Curtis have been appointed as joint administrators to the Newcastle-under-Lyme-based company.
The business will continue trading under the control of its administrators for the time being while a buyer is sought. The administrators are also undertaking an evaluation of the company’s financial position.
Vector provides a wide range of services, including design, advisory, prototype specification and development and manufacturing. It works across a wide range of sectors, including defence, automotive, food processing, oil and gas, pharmaceutical and aviation.
The company, which was incorporated in 2001, has a number of prominent organisations among its customers, with clients including Bentley, Rolls Royce, the Ministry of Defence (MoD) and British Aerospace.
Vector Precision Engineering’s accounts to the year ending July 31 2022 are currently overdue and the company’s status is listed as active, but with a proposal to strike off.
In the firm’s most recently available accounts, for the year to July 31 2021, its fixed assets were valued at £351,729 and current assets at £430,815. At the time, the firm owed £371,502 to creditors, with the value of its net assets standing at close to £47,000.
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