Administrators assessing sale prospects for engineering firm
Mon, 09 Oct 2023 | ADMINISTRATION
Pendle Engineering Limited, a family-run engineering firm based in Lancaster, has fallen into administration. FRP Advisory’s David Willis and Martyn Pullen were appointed as joint administrators to the business on October 6.
The company provides a wide range of engineering services covering conception and design through to manufacturing and implementation. Its services include fabrication, laser cutting, CNC machining, structural steel and tube bending and it serves sectors including the rail and defence industries.
Last month, the company, which employs 55 staff and is based at the Pendle Industrial Estate in Nelson, filed a Notice of Intention to appoint administrators, having been hit by growing financial difficulties as a result of supply chain inflation and rising input costs.
Following the appointment of the joint administrators, the company will continue to trade with all staff remaining employed while its options are explored, which could include a potential sale.
Joint administrator and FRP restructuring advisory partner David Willis commented: “Our appointment means the business can continue trading as we work through options and consider the prospect of a sale process to protect the future of Pendle Engineering Limited. We encourage any interested parties to come forward.”
In the company’s most recent accounts at Companies House, for the year ending September 30 2022, its fixed assets were valued at slightly over £3 million and current assets at £993,117. At the time, the firm’s net assets were valued at £907,544.
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