Engineering group collapses with loss of 55 jobs

Some 55 workers have lost their jobs at a group of engineering companies based predominantly on the Wirral which has gone into administration.

Wainwright and Gibson (Services), Crosshall Engineering – both based in Birkenhead – and Hulme and Gibson in Stoke have ceased trading following the appointment as administrators of Matt Ingram and Allan Graham of Duff & Phelps.

The group has been incurring losses over a sustained period and has required significant debt and private equity investment to support working capital.

In 2014, it secured £5m of funding from Jasper Private Equity.

The directors of the group concluded in early 2018 that the further additional debt or equity necessary to enable continued trading in the medium term could not be funded and consequently embarked upon a sales process to try and ensure its viability.

Several parties initially expressed an interest in the group companies but it’s financial position proved prohibitive to developing negotiations.

Trading losses have continued and consequently, with no immediately deliverable alternative, the directors concluded that they had no option but to seek the appointment of administrators.

Matt Ingram said: “It is disappointing that a buyer could not be found for these well-established businesses, despite the efforts of all involved. We will now work with the employees to assist them with their claims and continue to seek a buyer for the assets for the benefit of creditors.”

Close