Partner Article

Baker Tilly completes sale of Hull Forgings following administration

National accountancy firm Baker Tilly has announced the sale of Hull Forgings Ltd and its assets.

Hull Forgings, who forge Carbon, Alloy and Stainless Steel at its site in Hull, entered administration on 7 February, and the sale to Henry Williams was immediately completed upon appointment.

Administrators Keith Marshall and Willie Duncan of Baker Tilly said that in the two weeks leading up to administration, it was widely known within the forgings industry and supply chain that Hull Forgings was experiencing difficulties and that a pre-pack sale was being pursued.

Discussions were held with numerous interested parties before the sale was agreed.

The Company’s 26 employees have all transferred to the purchaser and all wage arrears have been paid up to date and customer orders are now being fulfilled.

Henry Williams specialise in forging for the railways industry, and are based in Darlington.

Keith Marshall, joint administrator from Baker Tilly said: “The sale represents a good outcome for the majority of the company’s stakeholders and ensures a traditional manufacturing business in Hull now has better prospects than the alternative of liquidation and immediate closure, which it would definitely have faced if a buyer had not been found.”

This was posted in Bdaily's Members' News section by Graham Vincent .