Engineering firm sold out of administration
Wed, 12 Jul 2023 | BUSINESS SALE
Lindhurst Engineering Company, a manufacturing firm based in Sutton-in-Ashfield, has been acquired out of administration. The company has been acquired by turnkey engineering and maintenance firm ECS Engineering Services Ltd.
Lindhurst was founded in 1985, initially providing fabrication services for the Nottinghamshire coal mining industry, before expanding into a range of other industries, including transport, construction, utilities and food and drink. The company manufactures an array of bespoke machines and structural fabricated products.
However, despite having a strong order book, the company had reportedly suffered as a result of inflationary and cashflow pressures. This led to it filing a notice of intention (NOI) to appoint administrators last month, before appointing Ben Jones and Raj Mittal of FRP Advisory as joint administrators on July 10 2023.
Following their appointment, the joint administrators concluded a sale of the business and certain of its assets to ECS Engineering Services in a deal that secures 31 jobs.
In Lindhurst Engineering’s most recent accounts, covering the year ending August 31 2022, its fixed assets were valued at £37,186 and current assets at £1.7 million. However, the business owed over £1.5 million to creditors at the time, with net assets amounting to around £92,000.
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