Mazars, the international audit, tax and advisory firm, has been appointed as administrator of Firber Engineering Limited.
Based in Kirkby-in-Ashfield, Nottingham, the company, which was established in 1968, was set up to design and manufacture steel waste and recycling containers and had established a strong customer base.
Following several successful years trading, the Covid-19 pandemic affected sales patterns, resulting in diminishing profit margins. More recently the shortage of, and significant increase in, the cost of steel due to the war in Ukraine caused significant cash flow issues.
Given these difficulties, the directors decided that the company had to be placed into administration. The business has ceased to trade and all employees have been made redundant.
Simon David Chandler and Scott Christian Bevan of Mazars were appointed as joint administrators by the directors on 23 November 2022 and are seeking a buyer for all or part of the company’s assets.
Simon Chandler, joint administrator, said: “It is always disappointing to see a prominent Nottinghamshire company like Firber Engineering Limited cease trading.
“The business had traded successfully for over 50 years but, like many other businesses, has suffered from soaring costs associated with the effects of the Covid-19 pandemic and the Ukraine war, which has resulted in the directors making the difficult decision to enter administration.
“Once this decision had been made, the directors were keen to act quickly to prevent the position for creditors worsening and so appointed administrators.”
