UK: The administrators of HVAC equipment manufacturer Dunham-Bush Ltd have revealed that the company had been hit by rising costs and supply chain issues after years of losses.
The long-established Hampshire-based company, which entered administration on April 3, had been loss-making for a number of years and had been badly impacted by the pandemic. The most recent accounts show losses for the year to the end of December 2021 of around £240,000. This followed a loss of over £400,000 in 2020.
Chris Marsden, a joint administrator along with colleague Simon Girling of BDO LLP, said: “The current economic reality meant the business has been unable to trade and administration was the only option.”
The administrators have made the majority of the company’s 87 employees redundant and are now marketing the business and assets for sale “with a view to maximising recoveries” for the benefit of creditors.
Originally a subsidiary of the US manufacturer founded in 1894, the UK company started life in 1935 with a factory in Morden, south London, manufacturing air conditioning and heating products for the European market. It was acquired by Berjaya Group Malaysia in 1995 and subsequently by Agromash Holding in 2007.