Newark engineering firm collapsed owing £346,000
A family-run Newark engineering firm went creased trading after it lost its two biggest customers, according to a report seen by TheBusinessDesk.com.
Greenberry Engineering went into administration November 4, 2016 and, despite administrators from FRP Advisory marketing the company for sale, it ceeased trading on November 15 with the loss of 25 jobs. It owed £345,874.
Greenberry was set up in 1970 by Neil Greenberry, who retired in September 2016. When the company collapsed there was one shareholder and director – Aidan Greenberry.
The firm had one secured creditor, Lloyds, which is owed £270,000 but will only receive around £153,000 of that, according to administrators. Unsecured creditors are unlikely to receive any of the cash owed to the, says FRP.
Somee of the firm’s biggest creditors include Funding Circle which is owed £139,258, JA Harvey (Bassingham) which is owed £56,607.46 and RBS Invoice Finance (£14,746.80).
