LFE Materials Handling Limited, the Coventry based designer, manufacturer and supplier of bespoke containers, went into administration on 17th March 2009, with the appointment of Beverley Marsh and Geoff Rowley, Client Partners at Vantis Business Recovery Services (BRS), a division of Vantis, the UK accounting, tax and business advisory group, as joint administrators.
The company was forced into administration as a result of a significant bad debt, leading to working capital problems. LFE Materials Handling Limited turns over approximately £2m per annum and employed 29 staff at its base in Coventry. Unfortunately, as a result of severe cash flow pressures, the administrators were forced to make 11 staff redundant on 18th March.
Commenting on the case, Beverley Marsh said: “To ensure we were able to continue to trade the business, which we are now doing, it was sadly necessary to make a number of redundancies. We are now also carrying out targeted marketing activity to secure a sale of the company. We have received very positive comments from customers and have already had expressions of interest from a number of parties, including the existing management team.”