Wednesday, October 26, 2016

News: Engineering firm in administration

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Whiteley Read, a Rotherham-based engineering firm has called in the administrators following a global downturn in the oil and gas market.

Based at a custom built facility on the Gateway Industrial Estate at Parkgate, Whiteley Read has been associated with pressure vessels and the process industries since 1937. It manufactures vessels and columns in both ferrous and non ferrous materials up to 200 tonne in weight for many blue chip companies, such as BP, Centrica, Shell, Nexen & GDF.

Joanne Hammond and Gareth Rusling of Begbies Traynor were appointed as joint administrators of Whiteley Read Engineering Ltd on October 7 2016.

It is is expected that the administrators will market the business for sale.

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As recently as 2013, the company had a turnover of £5.9m, up from the £5.4m reported for 2012 with a profit before tax of £338,000. Abbreviated accounts were filed for 2014 and the previous accounting period was extended from October 2 2015 to March 31 2016.

In 2010, Whiteley Read Engineering provided bespoke pressure vessels, in a £3m deal, for the expansion of the Bouri gas and oil field, the biggest in the Mediterranean.

Last year, the Rotherham facility of Darron SBO closed as part of restructure plans set out by the Schoeller-Bleckmann Group. The firm was hit by "customer restraint in ordering which went hand in hand with persistent pressure on prices" in the oil and gas sector.

This year has seen Australian multinational company, Bradken, close its Rotherham site and selling off its loss making European business operations following a "challenging and demanding" period of trading caused by a downturn in commodity prices and a forced change in behaviour of mining companies.

Also this year, Esco Corporation, a US manufacturer in the mining, construction and industrial sectors, vacated the Rotherham premises it acquired in 2011.

Whiteley Read website

Images: Whiteley Read


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