Avpe Durham Limited (12773782): administration
- Status
- Administration ended
- Administration began
- 2021-10-06
- Administrators
- Matthew James Higgins, Allan David Kelly
- Administrators' firm
- FRP Advisory
- Formerly
- Altec CNC Limited
- Incorporated
- 2020-07-28
- Location
- Newcastle upon Tyne
- Industry
- 25620 Machining
Why it went into administration
- COVID-19
- Supply chain disruption
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Sustained trading losses
- Parent or group failure
From the administrators' statement
The Company provided precision engineered machined components across multiple sectors including medical, aerospace, oil & gas and energy from leasehold premises in Bowburn, County Durham. It has approximately 43 employees.
It was previously a division of Altec Engineering Limited (‘Altec’) and was demerged into a separate limited company during July 2020 in order to facilitate a sale of the business. ;
In October 2020, the Company was acquired for £1.7m by AVPE Investment Limited (‘Avon”) to support their group’s diversification from aerospace. Consideration was _paid partly on completion but the substantial proportion was payable on deferred terms secured by a debenture in favour of Altec.
Administrators' statement of proposals (2022-02-10) · Companies House register