Ensors appointment as administrators of Stanref International Ltd
Mark Upton and David Scrivener were appointed as Joint Administrators of Stanref International Ltd (‘Stanref’) on 29 September 2017. The Company manufactured pressure vessels and heat exchangers for the refrigeration and oil and gas industries.
We were pleased to announce that following a concentrated sale process the business and assets of Stanref were sold as part of a pre-pack administration sale. There were many hurdles that had to be overcome throughout the process but by working closely with the directors, the bank and other stakeholders and potential purchasers, a sale was agreed that secured the immediate future of the 24 strong workforce and provided the best outcome for creditors.
On looking to the future, Mark commented “We recognised that there was a viable business going forward as the business had a highly skilled workforce and a great reputation in the industry. It had experienced certain challenges and required some reorganisation and external investment and this was achieved following the sale via an administration process to Damsle LLP. Damsle have acquired the business through a company specifically established for the purpose and will trade under the name of Stanref/Stanref International (2017) Ltd going forward. We wish them every success.”
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