Accrington companies set for administration

4th Apr 2013 North West

Workers at two manufacturing businesses in Accrington are facing an uncertain future after a notice of intention to appoint administrators was filed.

RGS Davis Ltd and Davis Pneumatic Systems Ltd are part of the Leicester-based Parmeko Group, a chunk of which is now in administration.

Business restructuring partners Patrick Lannagan, Dermot Power and Jo Wright of accountancy and business advisory firm BDO were appointed as joint administrators over Parmeko Holdings Ltd, Parmeko Group Ltd and Parmeko Ltd on 3 April 2013.

However, group companies RGS Davis Ltd and Davis Pneumatic Systems Ltd, alongside Corby-based Opus Metrology Ltd and RGS Plus Ltd in Mansfield, continue to trade outside of the insolvency process under a notice of intention to appoint administrators.

Negotiations are being held over the possible sale of the businesses in Accrington and Corby.

Lannagan said: "Unfortunately, the economic climate and difficult trading conditions have adversely affected the business, and it has been necessary to take steps to safeguard creditors.

"We are proactively reviewing all the options for the future of the company, including exploring a potential sale of the business and its assets. Anyone seeking further information should contact the joint administrators with any queries."

Parmeko Holdings Ltd had revenue of more than £9m in the year to 31 December 2011 with a pre-tax profit of more than £250,000, according to the most recent available accounts.

Parmeko Group designed and manufactured electro-magnetic devices for the mining, sub-sea, military and aerospace industries. 

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