Date Published: 21st September 2015
Two Black Country manufacturing businesses are to be put up for sale after entering administration.
Julie Palmer & Simon Campbell, of business rescue and recovery specialists Begbies Traynor, were appointed joint administrators of STS Switchgear Limited & STS Motors Limited on Wednesday, 9 September 2015, through Real Business Rescue, part of Begbies Traynor Group.
The firms, which employ 60 people and share premises in Cradley Heath, near Dudley, make bespoke switchgear and motors for the energy & mining sectors. Total turnover in 2014 was close to £6m.
The development follows a period of “patchy trading and cashflow pressure”.
The administrators are currently trading both businesses, which have previously been subject to a management buyout, with a view to selling them as a going concern. No redundancies have been made.
Julie Palmer commented: “Given the skills of the workforces and the quality of the customer bases, I believe that these businesses are very saleable and have a bright future once released from the burden of historic debt from funding the management buyout. This is why I am continuing to trade them as going concerns.
“Discussions are already underway with a number of interested parties with a view to achieving a sale and preserving the businesses and 60 jobs along with them. I am pleased to say there is already a high level of interest.”
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.