Liquidation of two established Northampton companies
4 February 2016: BRI’s Northampton Office has recently been appointed liquidators over Northants Precision Grinding Limited (“NPG”) and Roy Brothers Limited t/a Wright and Sons (“RB”).
NPG was a well established specialist precision grinding company and was incorporated in 1962. At the time of cessation of trade in late December 2015 NPG employed 8 people, many of whom worked for NPG for 30+ years. Every effort was made by the Directors to sell the business to try and avoid liquidation. However, given the employees’ length of service and the resultant TUPE liability that would arise, no sale could be achieved.
It is a similar story unfortunately for RB in that TUPE was a significant factor in the reason for liquidation. RB was incorporated in 1975 (albeit its origins go back well before this date). The business was originally founded by two brothers who purchased existing coal merchants, W Wright & Sons. Trade diversified over the years and finally it predominately traded as a commercial vehicle rental company. At the time of cessation of trade on 4 January 2016 it hired out approximately 100 vehicles and employed 12 members of staff.
Whilst a company insolvent liquidation is certainly not wished for by anyone (being the incumbent directors, shareholders, secured creditors employees and suppliers) it is not often BRI deal with companies with a trading age such as these.
Peter Windatt, Liquidator of both NPG and RB would also like to highlight that in both of these liquidations realisations are expected to be sufficient to pay preferential and secured creditors in full with a dividend anticipated to be paid to unsecured creditors and would urge creditors who have valid claims to submit them to BRI, 100 St James Road, Northampton, NN5 5LF.