A family business founded by city councillor and former mayor Walter Huggett, the company made electrical switches and other components at its premises in Twerton Mill, Lower Bristol Road.
At cessation Huggett Electrical had an annual turnover of £1.5M and employed 25 staff. After closure buyers were found for some of the business resulting in a sale of .the contract work in progress and certain assets to a Llanelli-based company, Harries Automation & Controls Limited. The freehold premises owned by the company remain to be disposed of by the liquidators.
Sue Stockley commented: “It’s always sad to see a family business disappear, particularly one as well established and widely respected as Huggett Electrical.
“The company has survived many challenges over the years but regrettably the current downturn has dealt a terminal blow.”
The business has had a presence in the city for almost 45 years. A meeting of creditors has been convened for 16 July.
Begbies Traynor is the leading business rescue, recovery and restructuring specialist in the UK.
David joined Begbies Traynor in 2004 originally working in one of their regional offices. In 2006 he moved to the London office to help set up a specialist team focusing on creditor side assignments in the guise of Independent Business Reviews and Independent Solvency Reviews. David has 18 years’ experience in the accounting profession and prior to joining Begbies Traynor has worked in a number of Top 50 London based partnerships.
As well as business reviews and independent solvency reviews, hands on turnaround assignments have also been one of David’s main focuses. This has generally been in support of high street clearing banks.
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