50 jobs lost as Meltham firms close; Companies fail to find a buyer.Byline: HENRYK ZIENTEK TWO engineering firms in Huddersfield has ceased trading with the loss of about 50 jobs. Administrators said they had been unable to find any takers for Meltham Mills Engineering (MME See Multimedia Extensions. ) and sister company Meltham Mills Heat Treatment (MMHT). Insolvency insolvency Condition in which liabilities exceed assets so that creditors cannot be paid. It is a financial condition that often precedes bankruptcy. In the context of equity, insolvency is the inability to pay debts as they become due; insolvency under the balance-sheet experts from Batley-based O'Hara and Co were called in by the firms' bosses at the end of July after running into financial problems. A spokesman for the administrator said: "Both companies have been trading during administration, but unfortunately they have now ceased trading because we have not managed to sell the businesses as a going concern." Machinery and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. of the businesses would now be sold, he added. The spokesman said that about 25 jobs had been lost at each of the two businesses, which had been hit by falling order levels. He said: "It would have been good for the sake of the staff to find a buyer to take the business forward, but that was not to be." An employee who asked not to be named, said the administrators had been paying employees' wages weekly while seeking a buyer for the business, but said: "We were told today that they have shut down and that we will have to seek statutory redundancy pay." The worker said it had been a big shock when administrators were appointed, even though staff knew things were not going well. MME and MMHT share a history of more than 50 years on their site at Meltham Mills and through their links with engineering firm David Brown David Brown may refer to any of the following people:
MME was formed from the original David Brown Tractors - later JI Case - power transmission business in Meltham Mills. It provided power transmission components for earth moving and agricultural vehicle manufacturers. MMHT offered heat treatment and metallurgical services to the precision engineering industry across the UK. |
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