A former North East company of the year prepares for administration
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Merit
A former North East company of the year has filed a notice of intentiont to appoint administrators a few weeks after receiving a winding-up notice from HMRC.
Merit are a construction specialist based in Cramlington and have delivered technically complex buildings for more than 20 years – manufacturing 95% of them at their Northumberland base before shipping them to their final destination.
The business remains “confident that a solution to this difficult situation can be found” and protect over 300 positions at the business.
Merit are currently working on a new hospital project in Berwick and had been planning for future expansion of manufacturing facilities to increase production capacity at their current site.
The company said it remained “in discussion with one of our key customers with regards to resolution of some substantial payments that are now significantly overdue”.
The latest winding up petition from HMRC is one of a number the business has received this year from other companies but have been resolved.
Chafer Machinery
A major agricultural machinery manufacturer in North Lincolnshire has filed a notice of intention to appoint administrators.
Chafer Machinery has been designing and manufacturing crop sprayers, applicators and de-icers since 1901.
A brief statement was issued by the business saying: “Chafer Machinery are currently seeking professional financial advice over the future of the business. Whilst we undertake this process, customers should contact the administrators.
Unimetals Recycling
A recycling and metals group based in Stratford-Upon-Avon has filed a notice of intention to appoint administrators after the final payment of a £195 million acquisition remains unpaid, placing the future of the business in doubt.
Unimetals Recycling (UK) employs 650 members of staff across 27 different sites including Bristol, Nottingham, Plymouth, Manchester and Peterborough. They operate, build and develop recycling and processing operations across scrap, critical and energy transition metals.
The group is in trouble because they agreed a deal to buy Sims Metal’s UK scrap business last year but is three months late on the last payment of £54 million.
A key investor pulled out of a funding round which was near completion which forced Unimetals to seek court protection while it tries to “secure investment to ensure the continued stability of operations”.
A spokesperson for Unimetals said: “In recent months, we have been working to refinance and recapitalise Unimetals Recycling (UK) Ltd to create additional liquidity and address the deferred consideration due to Sims.
“It was recently confirmed to us that our main new investor would not participate in this funding round, despite the transaction being in near final form.
“The company is now focused on a formal process and in exploring options with stakeholders as part of its wider refinancing efforts.”
Oxbridge Limited
A Birmingham based E-learning business has gone into administration.
Oxbridge Ltd has offered online courses such as GCSEs, A-Levels and vocational qualifications in a broad range of subjects since 2016 but ceased trading in early September.
The move was a result of “significant cash flow pressures” which led to 11 members of staff being made redundant.
Administrators said they undertook an extensive marketing exercise throughout August and September in a bid to find a buyer for the business and its assets through a potential pre-packed sale and administration.
The statement added: “Following a period of negotiation and given that the business was no longer trading, the assets were sold to two separate purchasers immediately after the joint administrators’ appointment.
“One of these purchasers acquired the website, domain names and the trading style “Oxbridge”. They have agreed to keep the learning portal accessible to students until July 2026 however, no tutoring, marking or examination services will be provided.
“Due to the substantial level of debt within Oxbridge, no repayment to unsecured creditors is currently anticipated.”
Oxbridge directors released their own statement saying: “We have tried everything possible to save Oxbridge including actively seeking a buyer based on remaining an active and going concern.
“This meant operating as best we could and continuing business as usual to maximise the chances of securing an acquisition. Sadly, no suitable buyer was found for the organisation as a whole during this time and we have therefore had to appoint administrators.
“Although the business as a whole could not be saved, several buyers stepped in to preserve as much as possible, safeguarding jobs and allowing continued support for students. We deeply regret the impact this will have on our students and staff which we’re trying our best to mitigate. We’re truly sorry for the disruption and disappointment this has caused.”
WSH Logistics
A Worcestershire transport and logistics firm has gone into administration with the loss of 107 positions and closure of their Midlands and North East depots.
WSH Logistics faced a period of sustained financial difficulty after efforts to secure new investment or alternative funding was unsuccessful.
A spokesperson said: “The appointment follows a period of financial difficulty and despite efforts to explore and attract new investment, without immediate additional funding or the ability to explore alternative options, the company was placed into administration and ceased trading.”
Administrators are now focused on realising any remaining assets and managing the wider administration process, including ongoing engagement with creditors, staff and other stakeholders.
Hydrogen Vehicle Systems
A Scottish zero-emission vehicles company backed by billionaire investors has been sold in a pre-pack administration deal.
The Issa brothers who own Asda invested in Hydrogen Vehicle Systems (HVS) in 2021 but the company faced a winding-up petition earlier this month after surviving one in October 2024.
The business was formed in 2017 and while HVS went into administration, its parent company H2 Vehicle Systems Limited did not.
The Pilion Trust
A North London charity which operated a food bank has closed after receiving a winding-up order in court.
The Pilion Trust managed the Ringcross Community Centre in Islington and ran a variety of other support services including a seasonal shelter for young homeless people prior to its forced closure.
The building is owned by the Hyde Housing housing association and had been managed by The Pilion Trust for seven years but they were stripped of their 25-year leasehold by HMRC earlier this month.
In their latest accounts the charity reported that “continuous funding cuts and closures of frontline services had created more work for the charity, increasing the volume of people who required their services at the same time the financial landscape was decreasing.
“Pilion Trust have become experts at doing even more with even less; but we recognise the serious negative impact and emotional strain on the whole organisation is enormous.”
BI Halder & Son
An East Yorkshire haulage business has been acquired out of administration, protecting 45 positions.
Halder Transport & Storage Ltd are based in Driffield and had been established for over 50 years, supplying a full range of haulage services to the agricultural industry including bulk storage, drying and testing facilities.
The company experienced financial difficulties after pressures caused by the pandemic were quickly followed by the invasion of Ukraine which led to steep increases in fuel and other running costs.
Rising interest rates also impacted on the running costs of the business putting further pressure on stretched cashflow. The company went into administration to see if it could solve cash flow issues but when it was unable to do so, a pre-pack sale strategy was agreed by administrators.
Director Louise Halder said: “Our priority was to retain our loyal workforce and continue providing high quality haulage and storage services for our customers. Building in resilience for future challenges has also been important.
“While it has been devastating dealing with the loss of BI Halder & Son Ltd after nearly 25 years of operation and over 50 years since the business was first formed, we’re all looking forward to a new chapter for Holder Transport & Storage Ltd.”
There are still ten weeks left in 2025 – which still gives you just enough time to find out what changes you can make to help restructure and rebuild your business.
Get in touch with us today to chat with one of our advisors about what options you’ve got on the table – usually more than you realise!
The sooner you make contact, the sooner you can begin to move forward to better times ahead.