Wed, 17 Mar 2010 | ADMINISTRATION
After suffering increasing losses, Teesside fabrication firm Hertel Project Services (HPS) has been placed into administration.
The jobs of over 100 employees are hanging in the balance after the business succumbed to the affects of the recession. HPS also blamed a lack of new orders.
Engineering giant Hertel bought the business from Aker Kvaerner Engineering Services in 2006 and injected several million pounds into it.
Joint administrators David Broadbent and David Thornhill of Vantis Business Recovery Services explained that it had proved difficult to attract the level of work needed to keep the site afloat.
The business had "been making losses for some time," Mr Thornhill commented. "Its parent company has taken the decision that it can no longer afford to support the company."
HPS is working to finish current orders, having gained the administrators' permission to do so.
David Fitzsimons, director of HPS said: "Unfortunately, the business has not been the success we'd hoped it would be."
The engineering company is part of Hertel UK, and has customers in the nuclear, petrochemical and pharmaceutical industries.
The company provides quality artificial grass for the commercial, residential, education, entertainment and sports sectors. Operates to a high standard following a bespoke process created in-house, providing a first class service and ensuring all pro...
Offers comprehensive suited fire safety solutions including fire door inspections, passive fire surveys, fire extinguisher service and installation, fire risk assessments as well as on-site fire warden and basic fire awareness training. Additional tr...
The company provides a comprehensive range of plumbing, heating, electrical and security services, including installations, maintenance, replacement, and repairs. Additionally, it supplies renewable energy services, such as heat pumps, biomass, solar...
|
28
|
|
Nov
|
Trouble brewing at Typhoo as it calls in administrators | ADMINISTRATION
Iconic tea brand Typhoo Tea has crashed into administration ...
|
28
|
|
Nov
|
Powertrain specialist Lancereal drives forward with MBO | MBO/MBI
A four decades strong powertrain specialist has undergone a ...
|
27
|
|
Nov
|
Debt collectors BPO take out loan to buy rival | BUSINESS SALE
Ayrshire-based debt recovery firm BPO Collections has receiv...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.