SFP ADMINISTRATORS have been called to Warwickshire-based engineering business BRK Precision Engineering.
Brothers Daniel (pictured) and Simon Plant, both partners at SFP, were appointed joint administrators of BRK after it suffered major cashflow problems brought about by over-trading.
BRK Precision, which was established in 1989, specialised in manufacturing parts for the automotive industry and had a turnover of about £600,000.
Plant said: “Despite working with a number of significant customers, BRK Precision Engineering was unable to continue trading after experiencing cashflow issues.”
Head of Editorial Kevin Reed looks at the week's news, including the BHS and Austin Reed administration, Accountex and much more.
MPs launch probe into the sale of BHS that will look at role of auditors and accountancy firms in sale process
A short moratorium will give struggling companies a chance to be open with their creditors and negotiate a way out of their problems transparently, says Sykes
Out of a dozen sectors profiled only oil and gas and manufacturing were deemed to have a higher than normal risk of insolvency