Thu, 11 Apr 2013 | BUSINESS SALE
Aerospace components manufacturer BHW (Components) has entered administration with the administrators now seeking a buyer.
Philip Duffy and Stephen Clancy of Duff & Phelps in Manchester have been brought in to manage the administration process for the Wigan-based firm.
A total of 64 of the 153 staff have been made redundant and the administrators are now continuing to trade the business while a new owner is found.
Engineering firm LNB UK had purchased BHW for £2.3 million in November from its troubled parent company Hampson Industries. On completion of the sale West Midlands-based Hampson filed for administration and delisted itself from the stock market.
Hampson had stated its intention to use the funds achieved from the sale of BHW to bring down its debts, at the time. It also said it would work on the disposal of its business in the US and in India.
BHW manufactures components used in fuselages, amongst other aircraft and spacecraft parts and supplies its products to businesses such as GKN, Airbus and Bombardier.
Its accounts filed for 2011 showed revenues of £11.4 million, and a net loss of £3.91 million. It also recorded gross assets of £15.1 million.
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