Nottinghamshire-based business Dale (Mansfield) Limited has fallen into administration.
Dale was established in the early 1970s, initially offering engineering, manufacturing, design and subcontracting services to the deep mining industry.
Following the decline of the UK mining industry, the company diversified its business into other industries including manufacturing hydraulic cylinders and supplying quality machined parts through to fabricated assemblies. It employed 34 members of staff.
The company has now ceased to trade, with employees made redundant.
Richard Pinder, Director, Restructuring and Insolvency, at Leonard Curtis, who alongside Sean Williams was appointed joint administrator of the business on 15 October, said: “The company ran a marketing campaign last year to find a purchaser or investor to take the business forward which unfortunately was unsuccessful.
“Upon my instruction to advise the company, it was clear that its financial and operational position was such that there was no realistic prospect of avoiding a cessation of trade and there was insufficient working capital or work in progress to support continued trade, even in the immediate short term.
“The company therefore ceased to trade earlier this month and the employees were made redundant.
“We are currently assisting the Redundancy Payments Service in dealing with the processing and payment of employee claims for redundancy and their other entitlements.
“It is possible that unsecured creditors will receive some funds back through the administration process, although at this early stage this position is uncertain.”
A public auction of the company’s assets will be conducted by John Pye & Sons.
