32 workers lose jobs as well-known Staveley company collapses into administration

This is a developing story...
This is a developing story...

Thirty-two workers have been made redundant after a well-known company collapsed into administration amid cash flow problems.

Krantech Holdings Ltd - which moved to its £2.1million headquarters on Colliery Close, Staveley, last year - provides steel fabrication and engineering services to the oil and gas industry.

Howard Smith and Mark Orton, from KPMG, were appointed joint administrators of the firm on Monday.

Mr Orton said: "Krantech Holdings Ltd is a well-known supplier to the UK's oil and gas industry.

"However, the company has recently suffered cash flow issues as a result of a decline in orders in the wake of difficulties across the sector.

"This ultimately led to the directors taking the difficult decision to place it into administration.

"We are currently reviewing options for the company while we seek a buyer for the plant and machinery.

"We would encourage anybody who may be interested to contact the joint administrators as soon as possible."

Interested parties are advised to contact Emma Loten on 0113 380 0606.

A KPMG spokesman added: "Following the appointment of the joint administrators and after the business was marketed for sale for several weeks without any interest, all 32 staff were made redundant."

Krantech Holdings Ltd was founded in 2006.

Its website states: "Products manufactured by Krantech can be found throughout the UK and worldwide on virtually every continent, many of them operating several fathoms below sea level on the floor of the ocean."