Administrators appointed to HQC again
PRECISION sheet metal firm HQC is in administration again, just under a year after being acquired by Manchester-based a2e Venture Catalysts.
The Haydock firm was bought out of administration by Amin Amiri’s a2e last summer after being up for sale for several months.
Now HQC Industries, the vehicle used by a2e to acquire the business, is in the hands of administrators Stephen Clancy and David Whitehouse of Duff & Phelps.
The company had around 50 staff at the time of last year’s deal. It’s not known if they have been laid off or if the administrators are continuing to trade the business. There was no response from Duff & Phelps or a2e at the time of publication.
HQC was sold to a buy-in team in March 2011 including managing director Eoghan McTiernan and operations director Peter O’Neale. They were backed by equity financing from APW manufacturing and Greenfold Partners, as well as some debt financing from Lloyds TSB Corporate.
