Uncertainty continues for aerospace engineering firm

Aerospace engineering group Nasmyth is reportedly looking for a buyer, after its restructuring plans were denied.

After filing a notice of intention to appoint an administrator on Friday 28, it’s understood by TheBusinessDesk.com that Begbies Traynor is handling an accelerated sale process of the firm.

Nasmyth, a group of nine companies which work across the aerospace and defence industries, owes £3m to HMRC according to Sky News. The initial restructure that was proposed would have “crammed down” creditors, including HMRC, resulting in its objection to plans.

A spokesperson for the group said on Tuesday 2, 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”.

Sky News revealed that the company is said to be generating annual sales roughly half of its historical peak of £85m.