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Buyer Sought for Lincolnshire Marine Power Firm PDF Print E-mail
Monday, 05 March 2012

Administrators for Lincolnshire power firm Industrial and Marine Power Services Ltd (IMPS) have appointed Winterhill Largo, the specialist asset recovery and insolvency support group, to find a buyer for the firm that went into administration last month.

The £6m annual turnover company based at its North Hykeham, Lincoln premises installs diesel fuel generator units and electrical power systems for the industrial & marine sectors as well as servicing and repairing power equipment.  Dan Butters and Adrian Berry of Deloitte were appointed Joint Administrators of the Company on 24th February 2012.

Established in 1992, IMPS has built a global reputation based on the high quality engineering skills and capability. It has a wide reaching client list that is hoped will be attractive to a competitor or other engineering business that is looking to diversify.

“IMPS has historically been a profitable business that has struggled in more recent times and ultimately went into Administration in February due to short term liquidity issues,” said Neil Duckworth of Winterhill Largo.

“The business is well known to many customers across the globe and with the right financing and management could be a very valuable business,” he added.

The assets of the firm include six CNC lathes and machining centres and manufacturing equipment used to engineer spares and parts for customers, as well as diesel generators, power units and spare parts worth over £1m and debtors of £1.1m.

Interested parties should contact Neil Duckworth at Winterhill Largo on 01254 763183 to express interest in the sale and obtain further information.

(Source - Winterhill Largo Press Release)  


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