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Group of engineering companies in administration

15 August 2014

Wellman Thermal Systems Ltd and its subsidiaries, Wellman Thermal Services Ltd and Wellman Furnaces and Process Engineers Ltd have all entered administration. 

Financial accounts show sales were down to £14 million in 2012/13 from £21 million the year before. This suggests their current situation may be due to difficult trading conditions and falling sales, however reasons for entering administration have not been disclosed as of yet. 

The group of companies based in the Black Country specialise in the production of burners, boilers and furnaces for industrial sectors, including oil and gas production and power generation. 

Joint administrators, Lloyd Hinton and Anthony Hyams of Insolve Plus were appointed on the 8th August. Up to 100 jobs are at risk, however the administrators are doing their best to safeguard the business and employees. That said redundancies will, like all other options, need to be considered. 

The companies will continue to run while the administrators review options available, including rescue deals and a potential sale of all, or parts, of the business – reports suggest there are a number of interested parties.