Midlands engineer has ceased to trade and all 65 staff have been made redundant
Morgan Tucker has entered administration with all 65 staff made redundant immediately.
The Newark-based engineering firm has appointed FRP Advisory as the business’ administrator.
A spokesman for the administrators at FRP Advisory confirmed the appointment, job losses and that the company had ceased trading.
“The company had faced severe financial pressure for a number of months and had sought new investment which ultimately did not come to fruition,” the spokesperson said.
Morgan Tucker initially engaged FRP Advisory to seek buyers for the business. Despite interest from number of parties, a buyer was not found, leaving the business with an unsustainable cash-flow issue which meant it had no alternative but to enter administration.
In its most recent accounts filed at Companies House for the year ended 30 April 2015, the firm reported that it owed creditors £1.3m and had net assets of £478,444.
Matthew Tucker founded the business in 2005 and was its managing director till he stepped down in February.
Private equity firm Foresight invested £1m in 2015 in the firm, which had worked on projects such as the Olympic Park in London.