Begbies Traynor Group

Begbies Traynor appointed as liquidators to Gloucestershire engineering firm

Industrial Steel Metal Engineer
Date Published: 21/03/2023

The soaring cost of steel driven by the Ukraine conflict has contributed to the closure of a Gloucestershire machining and fabricating business.

Woodford Engineering Ltd, based at Lydney Harbour Estate, Lydney, was established in 2004 and ceased trading at the end of January this year, with debts of nearly £1.8 million.

In addition to metal work, the business specialised in stone and ceramic cutting. Past projects have involved producing structures for the RHS Chelsea Flower Show, cathedral renovations and signage at universities.

Julie Palmer and Andrew Hook from Begbies Traynor’s Salisbury office were appointed as liquidators on 10th March 2023.

Aside from the increase in global steel prices caused by the conflict in Ukraine, another reason for the company’s failure was an over-reliance on one customer.

Commenting on the case, Andrew Hook, Appointment Taking Director at Begbies Traynor, said: “This situation highlights the far-reaching impact of global events on businesses here in the UK. While steel prices have since levelled off somewhat, the spike in costs put the company under untenable strain.

“Unfortunately we do not expect to distribute any funds to creditors as the majority of assets are subject to finance.”

About The Author

Meet the Team

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.

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