Bridgnorth manufacturer calls in administrators

Credit: Grainger & Worrall Ltd

A Bridgnorth manufacturer founded in 1946, has called in administrators placing jobs at risk.

Grainger & Worrall Engineering, which designs and manufactures automotive casting components, has appointed Paul Meadows and Daniel Smith both of Teneo Restructuring to handle the insolvency process.

Its parent firm Grainger & Worrall employed more than 700 staff across its various businesses in 2016.

From the firm’s accounts in 2021, it reports losses after tax of £1.9m resulting in net liabilities of £2.5m (2020: £241,343).

Exports accounted for more than 50% of Grainger & Worrall Engineering’s activity, particularly in the US, China, India and Europe. In 2021 it took in revenues of £6.2m.

Due to growing concern about the future of the company, its directors added this statement.

“The directors have obtained a pledge of continued financial support from the parent company, Grainger & Worrall Technology Group Limited, for the foreseeable future.

“On this basis, the directors consider it appropriate to prepare the company’s financial statements on a going concern basis such that the directors believe the company can continue to pay debts as the fall due for a period of not less than twelve months from the date of approval of the financial statements.”

Teneo Restructuring have contacted for comment.