Manufacturer Lister Petter in administration move

31 March 2014

Administration may be on the cards for UK manufacturer, Lister Petter Ltd, after suffering ‘severe financial difficulties’. 

After the recession, accessing loans and funding became harder as banks implemented stricter regulations. Lister Petter also had problems with acquiring loans from European banks, making it difficult to fund exports.  

The Lister Petter Group will likely put the company into administration, affecting their UK plant in Dursley where 217 members of staff work. 

The Group put forward this statement:

“As a group we are fully committed to ensuring that we continue serving our customers, which has meant a restructuring of the UK manufacturing plant and in order to protect jobs locally and to ensure a viable manufacturing facility remains in the area, we have been advised to enter into an administrative arrangement for the UK manufacturing business, which we are now in the process of applying for.” 

Administration is a powerful way to protect the business against aggressive creditors and can help protect jobs if a suitable buyer is found.