Dunham-Bush debts nearly £4m24th May 2023
UK: Creditors of Dunham-Bush Ltd are unlikely to receive any money after the Hampshire-based chiller manufacturer accumulated debts of nearly £4m.
The company went into administration on April 3 after “several” years of accumulated losses. Accounts for the 2022 calendar year revealed losses of around £909,000, with further losses for the two months to February 2023 being estimated at around £203,000. Unsecured creditors claims total £3,962,730.
Despite forecasting a profit of £200,000 for the current financial year through substantial cost reductions, subsequent cash constraints and an erosion of goodwill with suppliers meant the business began running out of critical component parts which was having a detrimental impact on sales.
Ultimately, a winding-up petition from steel supplier CJ Upton & Sons, in respect of an outstanding debt of £139,000, prompted the directors to file for administration.
Established in 1935 as the UK subsidiary of a US manufacturer, Dunham-Bush underwent a number of changes of ownership in recent years but continued to operate as a subsidiary of the wider Dunham-Bush group, which is now owned by the Chinese based State-owned Assets Supervision Administration Commission (52%) and Yantai Hongyuan Industrial Co Ltd (48%).
The company was a manufacturer of a range of HVAC products, including chillers, fan coils and radiant panels.