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.
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 the None Administrative Receivers 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.