Thursday, December 1, 2016

News: Testing time for lifting firm

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Lloyds British Testing, a specialist in the inspection, certification and repair of lifting equipment, has gone into administration.

With headquarters in Sutton Coldfield, West Midlands and operating 12 sites across the country, including Rotherham, The company employs around 200 staff and operates in a niche sector within Inspection and Certification with an aligned manufacturing business. The trading divisions cover the manufacture of lifting equipment, provision of training services and sale of spare parts.

Last week, Michael Denny, David Baxendale and Matthew Hammond of PwC were appointed as Joint Administrators of Lloyds British Testing Limited to manage its affairs, business and property.

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The joint administrators said in a statement that "the company has experienced falling revenues and cost pressures in the last financial year. This is attributable to both external factors such as the decline in overseas markets and oil and gas price volatility, and internal factors such as the cost of consolidating and restructuring UK operations. These factors combined created cash flow pressures which have led to the appointment of the Joint Administrators.

"We are continuing to trade the business as normal whilst discussions take place with interested parties around a sale."

2015 saw the company expand into overseas markets such as Africa, the Middle East and India and reported £20m in revenue, £490k in profit and a strong order book.

The company can date its history back 200 years to when Lieutenant Samuel Brown left the Royal Navy at the request of Lloyds of London and was instructed to set up the world's first proving house for wire rope cables. A management buy-in took place in 1999 led by current chief executive, Ian White.

The Rotherham site is on Barbot Hall Industrial Estate.

Lloyds British Testing website

Images: Lloyds British Testing


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