Managing director Samuel Hughes highlighted the downturn in spending in the agricultural and construction markets. вЂњWe have been faced with major cash flow challenges that have become impossible to sustainвЂ¦ we had no choice but to appoint administrators,вЂќ he said.
Administrator Sean Cavanagh of Cavanagh Kelly Chartered Accountants is assessing the options open to the business, including selling it as a going concern. In the interim the company will continue trading but production has been temporarily suspended.
Heywood Williams set for administrationCompanies’ earnings forecast is full of low-balling