Updated: 12th December 2012
Business recovery specialists Begbies Traynor have been called in to one of the Midlands’ longest-established engineering companies.
Administrators say they are hopeful of finding a buyer for Harper and Simmons Ltd, of Howard Road, Redditch.
Nigel Price and John Kelly, from the Birmingham office of Begbies Traynor, were appointed administrators on December 11.
Based on Park Farm Industrial Estate, Harper and Simmons has been established in the town since 1945. The company offers press tooling solutions to a wide range of sectors including automotive, electronic and construction.
The firm, which has a turnover of £1.5million and employs 19 people, is being run by the administrator as a going concern with a view to finding a buyer, and all staff remain employed.
Administrator Nigel Price said: “We are hopeful of moving things on relatively quickly, as we’ve already been talking to a number of interested parties. The company has traditionally been profitable and has a long and proud history, but a downturn in long-term project orders led to cashflow problems and it was agreed that administration was the best course of action.
“The firm remains an attractive proposition as they provide high-tech solutions to some often quite complex press tooling requirements and prototype manufacturing. The business possesses a raft of expertise amongst its staff, and several employees have been with the business for a considerable number of years.”
Mark is a partner in the Birmingham and Cheltenham offices. He is a Chartered Certified Accountant and also a Licensed Insolvency Practitioner. He joined the company in 2005 and has over 10 years restructuring and insolvency experience. He advises directors and management teams across a wide range of sectors.