Howard Smith and Chris Pole from Interpath Advisory have been appointed joint administrators of Slack & Parr Limited and Slack & Parr (Investments) Limited.
Incorporated in 1917 and based in Kegworth, near Derby, Slack & Parr is a third-generation family-owned specialist pump manufacturer which supplies gear metering pumps, rotary hydraulic flow dividers and industrial dosing pumps throughout the UK and worldwide. The Slack & Parr group delivered turnover of in excess of £13 million in FY23.
In common with a number of other industrial manufacturers, the companies had seen cashflow impacted by rising raw material, energy and labour costs. After exploring their options in view of increasing cashflow challenges, the directors took the decision to seek the appointment of administrators.
Following their appointment, the joint administrators will seek to trade the businesses while they explore options for a sale of the businesses and their assets. The administrators have retained approximately 100 members of staff to assist them, however a further 50 employees have been made redundant.
Howard Smith, Managing Director at Interpath Advisory and joint administrator, said: “For over 100 years, Slack & Parr has grown to become a market leader in high precision engineering, supplying gear metering pumps and rotary flow dividers to high-profile customers including leading automotive manufacturers.
“As we explore options for a sale of the businesses and their assets, we would encourage any interested parties to make contact with us as soon as possible.”
The companies are part of a wider group, which includes trading subsidiaries in the USA and China. No other companies in the group are in administration and continue to trade.
