UK-based maritime engineering firm Burgess Marine Ltd has filed for administration, resulting in job losses for over 100 people.
BDO LLP business restructuring partners Danny Dartnaill and Colin Haig were appointed joint administrators over the company on December 13, 2017.
Following the appointment of administrators, a partial sale of the company took place.
Namely, the company’s offices in Devonport, Portchester, Portsmouth and Southampton ceased trading and 106 employees were made redundant.
“A skeleton staff of three has been retained at this time to assist with an orderly wind-down of the business,” BDO informed.
The business and assets at three of the company’s trading locations – in Lowestoft, Avonmouth & Poole – were sold to Southampton Marine Services Limited.
The 45 employees will retain their positions and be transferred to the new company.
“All other associated trading entities within the ‘group’ of companies are unaffected by the administration,” BDO said in a statement.
Speaking of the reasons behind the administration, Dartnaill, said that “difficult trading conditions and a shortfall in the company’s working capital position – contributed to by a failure to secure the final payment due in regard to a recent major refit project – significantly affected the business and its ongoing viability.”
“Going forward, the joint administrators will be seeking to maximise recoveries for the benefit of all creditors and will continue to liaise with customers regarding any outstanding contracts.”
Burgess Marine, which focuses on commercial marine, defense and superyacht sectors, is based in Dover and Kent and was traded from eight sites across the South of England.