Forty people find out they've lost their jobs just before Christmas, as firm goes into administration
PUBLISHED: 15:06 21 December 2018 | UPDATED: 15:06 21 December 2018
A national heating and cooling engineering firm with nearly 100 years of history has been part-rescued after falling into administration.
Lindsey Group, which is based on Severalls Park in Colchester, entered administration today after experiencing financial difficulties.
Lee De’ath and Richard Toone of CVR Global LLP were appointed Joint Administrators of C.H. Lindsey & Son Limited along with its holding company and other subsidiaries, together forming the Lindsey Group.
The company, which was also known as C H Lindsey & Son Ltd, was established in 1925 and had a turnover in 2017 of almost £11m.
Administrators have managed to find a way forward for the firm’s maintenance division, which will continue to trade as Lindsey Group with around 22 members of the existing work force.
But as a result of the administration, the majority of the Group’s trading activities have ceased with immediate effect, and 40 employees have been made redundant.
Lee De’ath, partner at CVR Global, said: “It is always disappointing to see a company with such a long history and reputation go into administration, we are however pleased to advise that part of the business will continue and some 22 jobs have been saved.
“We will now be working to find the best solution for the realisation of the Group’s assets in order to maximise recoveries for creditors.”
Chris Lindsey, managing director of the Lindsey Group added: “The Board has worked tirelessly to find a solution to the current financial difficulties with a view to rescuing the business, however losses on large contracts and bad debts in recent years has meant the ongoing trading of the Group in its current form was not possible.
“I am however pleased to see that the maintenance division, as Lindsey Group, will continue to trade securing a significant number of jobs.
“Lindsey Group’s focus will now be on continuing to provide our high level of service to meet our customers’ maintenance needs, without any disruption, while also supporting staff affected by the administration where we can.”