Nick Harris and Lucinda Coleman appointed liquidators of Troax Lee Manufacturing Limited

Nick Harris and Lucinda Coleman, partners in the business recovery team at PKF Francis Clark, have been appointed joint liquidators of West Midlands-based Troax Lee Manufacturing Limited.

The manufacturer of metal partitioning and mesh wall systems is part of a larger group, Troax Group, and is a wholly owned subsidiary of Troax (UK) Limited. Both Troax (UK) Limited and the Troax Group continue to trade.

Founded in 1990, Troax Lee Manufacturing Limited is a UK market-leading metal fabrication manufacturer that developed and manufactured commercial metal partitioning systems for a wide range of customers. Historically, it has been steadily profitable, but in recent years was adversely affected by significant increases in energy costs, which materially increased the cost base of the manufacturing operation and placed pressure on margins.

Based at Kingswinford, near Dudley, Troax Lee Manufacturing Limited entered creditors’ voluntary liquidation following sustained financial challenges, including high production costs leading to the exhaustion of group funding. Sadly, 29 employees have been made redundant after the company was unable to secure additional investment needed to continue operations.

Nick said: “Troax Lee Manufacturing Limited had an excellent reputation in the sector, and we are seeing interest in the company’s assets from a range of parties.

“Sadly, it was not possible to rescue the company as a going concern and there was no alternative to liquidation in the circumstances. Our focus now is on realising the assets of the company in order to deliver a return to creditors, as well as supporting the employees who have been made redundant in making their claims to the Redundancy Payments Service.”

The company’s assets include a large amount of unencumbered plant and machinery. Specialist agent Simon Bamford, of Gordon Brothers, and legal adviser Kevin Hawthorn, of DAC Beachcroft, are assisting the liquidators in the asset realisation process.

Creditors and parties interested in acquiring the company’s assets are encouraged to contact Nick Harris or Charles Bell at PKF Francis Clark as soon as possible on 0117 403 9800 or [email protected].

Find out more about PKF Francis Clark’s business restructuring and recovery services.