Administrators from KPMG have been called in at car components manufacturer G
Clancey Ltd and Clancey Holdings following years of falling margins and a build
up of pressure on company finances.
KPMG’s Mark Orton and Allan Graham will take charge of running the 60-year
old company which, employs around 200 people in the Halesowen area.
Orton said: ‘We are currently in the process of stabilising the business and
talking to customers and suppliers to inform them of the situation. Our
intention is that production will continue in the medium term whilst we
undertake the process of finding a buyer.”
Orton said he was optimistic that he would be able to find a purchaser to
take the business forward.
The company is currently on summer holiday shutdown.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies