Automotive machinery manufacturing business goes into administration
Graham Randall and Mark Roach of business advisory firm Quantuma have been appointed as joint administrators of P.J.Hare Limited.
Founded in 1947 and based in Wrington, Bristol, P.J.Hare is a manufacturer of small to medium size hydraulic presses, specialising in the automotive industry. Since opening, the company has produced and distributed over 17,000 units worldwide.
The company ran into financial difficulties as a result of a decreasing volume of orders and challenging market conditions. Quantuma was appointed administrators to P.J. Hare on 1 July 2019.
Graham Randall, joint administrator at Quantuma, said “In recent times, the company has suffered from customers delaying their orders, particularly those in the automotive sector. This, coupled with wider concerns over delays to Brexit, has led to a collapse in the order book during 2019 to an unsustainable level.
We were recently engaged by the company to advise on options, and we have spent a number of weeks seeking a buyer as a going concern. Regrettably, no acceptable offers have been received, and following our appointment as administrators on 1 July 2019, we have taken the difficult decision to make most of the 33 staff members redundant.”
Mark Roach, joint administrator at Quantuma added: “Hare Press is a strong brand in the machinery manufacturing sector, and we would still encourage anybody interested in the whole or parts of the business to contact us. In the meantime, we are liaising with key stakeholders including customers, suppliers and staff, with the aim of achieving the best outcome for all.”
Notes to Editors
Quantuma is a leading business advisory firm which works with businesses at the key milestones, delivering partner led solutions to help clients take advantage of opportunities and overcome a range of operational and financial challenges, enabling them to achieve their business objectives and ambitions. Offices in London, Southampton, Marlow, Watford, Brighton, Birmingham, Bristol, Manchester, Ringwood and Weymouth. In July 2018, the firm opened two international offices in Cyprus (Nicosia and Paphos).