420 jobs lost as metals manufacturer collapses into administration again
A specialist metals manufacturer has crashed into administration for the second time, resulting in the loss of 427 jobs.
EY has been appointed to handle the administration of Wharfside Industrials as well as four Fablink subsidiaries in Wolverhampton, Evenwood, Luton, and Northampton.
Wharfside Industrials was formed in September after Ensco 1 acquired the collapsed Fablink group and its subsidiaries in seven pre-pack deals. As part of the deals secured by administrators at Interpath, all 521 employees were transferred to the purchaser.
Before Christmas, TheBusinessDesk.com broke the news that EY was poised to be appointed as administrator of the group. Shoosmiths had represented the firm when issuing a notice of intention to appoint administrators (NOI).
Since the acquisition four months ago, Wharfside has lost the business of key customers, impacting its future viability. The majority of employees have been made redundant whilst administrators look to sell certain parts of the group and its assets.
The manufacturer specialises in the production of metal pressings, operator cab assemblies, fuel and hydraulic tanks and complex structures, as well as “clean build” of vehicle assemblies for some of the world’s largest OEMs within the automotive, truck, off-highway, power generation and material handling industries.
