Nearly 30 workers have been made redundant after a Nottinghamshire firm entered administration. Firber Engineering Limited, based in Kirkby-in-Ashfield, has been impacted by 'soaring' costs as a result of the effects of the Covid pandemic and the war in Ukraine
Mazars, the international audit, tax and advisory firm, has been appointed as administrator of the company, which was established in 1968. The firm was set up to design and manufacture steel waste and recycling containers and had established a strong customer base.
A spokesperson for Mazars said: "Following several successful years trading, the Covid-19 pandemic affected sales patterns, resulting in diminishing profit margins. More recently the shortage of, and significant increase in, the cost of steel due to the war in Ukraine caused significant cash-flow issues.
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"Given these difficulties, the directors decided that the company had to be placed into administration. The business has ceased to trade and all 29 employees have been made redundant.
"Simon David Chandler and Scott Christian Bevan, of Mazars, were appointed as joint administrators by the directors on November 23 and are seeking a buyer for all or part of the company’s assets." Simon Chandler, joint administrator, added: “It is always disappointing to see a prominent Nottinghamshire company like Firber Engineering Limited cease trading.
"The business had traded successfully for over 50 years but, like many other businesses, has suffered from soaring costs associated with the effects of the Covid-19 pandemic and the Ukraine war, which has resulted in the directors making the difficult decision to enter administration. Once this decision had been made, the directors were keen to act quickly to prevent the position for creditors worsening and so appointed administrators."
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