New Engineering, an engineering business which operates sites in Worcester, Derby and Kidderminster, with around 120 employees across the three sites, has entered administration.
The company was formed in March 2023 following the acquisition out of administration of the business and assets of Neos Superform Limited and Neos Composite Solutions Limited.
Mike Denny and Mark Firmin of professional services firm Alvarez & Marsal Europe were appointed as Joint Administrators of New Engineering on 1 August 2024.
Mike Denny, Joint Administrator, said: “New Engineering has been experiencing significant cash pressures in recent months, exacerbated by project delays, cost inflation and limited availability of trade credit.
“As Joint Administrators, our priority is to explore all the available options for the business at pace, and we encourage any interested parties to contact us as soon as possible.”
