Bury St Edmunds-based Stanref goes back into administration
- Credit: Copyright: Archant 2015
The future of a west Suffolk manufacturing company is back in the balance following the appointment of administrators for the second time in less than six months.
Stanref International, based in Northern Way, Bury St Edmunds, is said to have traded well since being brought out of administration last October.
But the business, which makes industrial pressure vessels and heat exchangers, has been unable to secure continued use of its current site beyond the end of May, and has now run out of time in the search of a new home.
Administrators from regional business rescue and insolvency specialist McTear Williams & Wood are seeking a buyer for the business as a going concern, but warn that this will almost certainly require a buyer which already has premises of its own.
Joint administrator Andrew McTear said: “This is the first time in over 30 years where I am offering a business for sale without the option of a business premises it can trade from, beyond May 31 2018.
“We are hoping to sell the business and assets as a going concern and save as many jobs as possible,” he added. “Realistically any purchaser will need to have existing premises but that apart this is a great opportunity”.
Any interested parties should contact McTear Williams & Wood immediately on 01603 877540.
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Stanref director Adrian Howlett said: “Things were looking up for the business with a full order book and record sales last month but without business premises beyond the end of May we couldn’t continue to accept customer orders knowing the company would not be able to fulfil them.”
Administrators from regional accountancy firm Ensors were appointed at Stanref at the end of September last year, with the business and assets of the company being sold the following month, preserving a total of 24 jobs.
The purchaser was a wholly-owned subsidiary of DAMSLE LLP, a privately financed investment house based at Great Waldingfield, near Sudbury, which specialises in supporting SMEs in East Anglia and the Home Counties.
Mr Howlett, who is also a partner in DAMSLE, said at the time: “With some reinvigoration and focus, we expect the business can build on its reputation for quality product and start to scale up activities. If that can be achieved we can provide greater certainty and security for the workforce.”