Aerospace firm posts notice to appoint administrators

A Coventry-headquartered engineering business has filed a notice of intention to appoint an administrator at the High Court.

Nasmyth, a group of nine companies which work across the aerospace and defence industries, has said the move is part of a long-term restructuring process.

The firm embarked on a restructure six months ago to deal with “a number of legacy issues”, but Inland Revenue were opposed to its plans. A High Court judge therefore failed to sanction its restructuring plan.

A spokesperson for the group said the NOIA only applies to the intermediate holding company Nasmyth Group Ltd, and the wider group will continue to operate as normal.

It’s “not envisaged” that its 500-strong workforce will be impacted.

The firm said that the a notice to appoint an administrator has been given as, “it is the intention of the Board to continue to stabilise the company and ensure that this important part of the British aerospace sector can continue to trade successfully for the long-term”.