Administrators of engineering contractor instructs our advisory team
Following the closure of an engineering contractor, Walker Singleton were appointed by the administrators, KPMG, to deal with the recovery and realisation of the company’s plant and machinery and commercial vehicle fleet. Howard Smith and James Lumb from KPMG’s Restructuring practice were appointed as joint administrators of Ambitemp (M&E) Ltd on 22 March 2019.
The Huddersfield based company acted as a mechanical and electrical engineering contractor in the building and construction sector. All ten members of staff were made redundant on appointment and the business has ceased trading due to insufficient working capital.
Howard Smith, associate partner at KPMG and joint administrator, said: “The company experienced significant cash flow difficulties following the recent loss of a major contract. It’s financial performance was further exacerbated by a number of unprofitable contracts, which left the directors with little choice but to place the company into administration.”
Stephen Jones, Director within the Machinery & Business Assets department of Walker Singleton commented: “We have organised the orderly recovery and disposal programme of the company’s assets to maximise realisations. This type of instruction allows us to utilise our online auction system to provide a transparent sale process.”