Newburgh Engineering Co Limited (00371040): administration
- Status
- Administration ended
- Administration began
- 2018-10-19
- Administrators' firm
- KPMG
- Incorporated
- 1941-12-03
- Location
- Liverpool
- Industry
- 25620 Machining
Why it went into administration
- Funding withdrawn / unable to refinance
- Rising costs / inflation
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Regulatory change or action
From the administrators' statement
The Company was incorporated on 3 December 1941 and manufactured precision engineering components under contract for one customer in the nuclear sector, Westinghouse (‘the Customer’).
The Company operates the Newburgh Engineering Co. Limited Pension And Assurance Scheme (the ‘Scheme’), a defined benefit pension scheme. The latest financial accounts of the Company showed a deficit of £3.99 million as at 31 March 2017, an increase of £0.66 million on the previous year. On a buy-out (s.75) basis, the deficit is estimated at circa £8.58 million.
The Company employed 16 people and operated fram a leasehold property located in Bradwell, Hope Valley, S33 9NT.
Administrators' statement of proposals (2018-11-21) · Companies House register