KPMG appointed administrators to Bradford’s Stratton Services
Bradford-based Stratton Services, manufacturers of engineered components, have gone into administration.
Howard Smith and Mark Firmin of KPMG’s restructuring team in Yorkshire were appointed joint administrators of Stratton Services Ltd. on 2 January 2014.
On appointment of Administrators, the company ceased trading and 20 employees were made redundant. The remaining three employees were retained on a temporary basis to assist the Administrators to complete outstanding orders.
Howard Smith, Associate Partner in the Restructuring team at KPMG, said: “Stratton Services saw a decline in orders, which impacted its cashflow, and became unable to continue to trade as a going concern. We are working to recover the value of the assets of the business.”
This was posted in Bdaily's Members' News section by Clare Burnett .