Hunt Thermal Technologies Limited (00564720): administration
- Status
- Administration ended
- Administration began
- 2022-02-03
- Administrators' firm
- Kroll
- Formerly
- TPG Engineering Limited; Hunt Thermal Technologies Ltd; Hunt Graham Limited; Wellman Hunt Graham Ltd.; Wellman Graham Limited; Graham Manufacturing Limited; Heat Transfer Limited
- Incorporated
- 1956-04-14
- Location
- Manchester
- Industry
- 28990 Manufacture of other special-purpose machinery n.e.c.
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company made consistent losses in recent years largely due to issues with factory capacity, overhead levels and diminishing margins.
More recently, incremental delays to the Company’s largest contracts resulted in significant idle time and the Company was unable to source sufficient replacement capacity to mitigate increasing overheads and staffing costs during these periods.
In view of the continued financial difficulties of the Company, Kroll were engaged in December 2021 to seek a purchaser for the business and consider the contingency options available. Prospective purchasers questioned the ongoing viability of the business without a significant cash support from the Company's major customer. This support was not forthcoming and as such no going concern offers were received either on a solvent or insolvent basis.
Administrators' statement of proposals (2022-03-29) · Companies House register