Mike Solomons of specialist restructuring, recovery and insolvency firm, BM Advisory LLP, a Beavis Morgan group company, and James Robinson of Finn Associates, were appointed Joint Administrators of Jena Tec Precision Limited (trading as Jena Tec) on 17 September 2019.
Jena Tec (“the Company”), located in Nottingham and providing services nationwide, as well as exporting to the USA, Europe and Asia, is involved in the design, manufacture and supply of linear and rotary motion products and services, with wide experience in the fields of ballscrews, spindles, actuators, linear motion components, and also offering asset repair capabilities.
The business had suffered from a recent downturn in sales, principally due to customer caution driven by the political and economic uncertainty in the lead up to Brexit.
On 11 September 2019, BM Advisory was engaged to conduct a review of the financial position of the business and it was quickly concluded that the best option to save the Company and preserve jobs was to place the business into administration.
Upon their appointment, the Joint Administrators immediately embarked on an independent marketing campaign which is currently underway, and the Company continues to trade while a buyer is sought for the business and assets. All fifteen staff members have been retained.
Mike Solomons of BM Advisory comments: “The Director worked hard to address the various business challenges, however, the general country-wide slowdown in business and consumer confidence, which is hitting demand and sending shock-waves across most British industries, led the Company to experience financial difficulties.
“Jena Tec has a strong distribution network and a reputation for providing quality, competitive pricing, good delivery and excellent customer service. We therefore feel confident that a buyer will be sought and a strong future for the business restored.”
Creditors of Jena Tec Precision Limited should contact Nick Stratten at BM Advisory on T: +44 (0)20 7549 8050 or E: nick.stratten@bm-advisory.com.
Interested parties in the sale of the business and assets should contact Mark Humphrey of Key Appraisal on T: +44 (0)20 7936 4196 or E: mark.humphrey@keyappraisal.co.uk.
The team at BM Advisory, part of the Beavis Morgan group, offers extensive experience in providing restructuring and refinancing advice to businesses across a range of industry sectors.
If you consider you or a client could benefit from a meeting with them to explore the options available, please contact a member of the BM Advisory team or your usual Beavis Morgan Partner.
For more information about BM Advisory visit www.bm-advisory.com.