Member Article

Jobs lost as North East manufacturer falls into administration

A group of North East procurement and inventory technologies suppliers have fallen into administration with the loss of 23 jobs.

Peterlee-based Propeller Holdings Limited, Propeller (GB) Limited and Propeller Technologies Limited, and administrators say they are not looking for buyers.

The firm previously supplied to manufacturers such TRW, NSK Steering Systems, Rayovac and International Automotive Components.

Propeller received a six-figure investment from NEL Fund Managers in January 2010; a £750k investment from the North East Growth Plus Fund in 2011 and a further £200k from the same fund in 2013.

Ian Schofield, BDO business restructuring partner, said: “Unfortunately, Propeller (GB) Limited, which was the only company trading within the group, lost a large customer account in early 2014 resulting in a significant funding requirement which could not be met.

“The Joint Administrators are now taking all necessary steps to maximise recoveries for the benefit of all creditors.”

This was posted in Bdaily's Members' News section by Tom Keighley .