Heanor based motor vehicle parts and accessories company, Earlpart Ltd, has entered liquidation, following a voluntary winding up.
The business entered formal liquidation on 21st February 2018, appointing Dean Nelson and Nick Lee of Midlands based Accountancy and Business Advisory firm Smith Cooper to commence proceedings as joint liquidators.
Established in 1974, the business originally operated as a sole trader (Eyres Auto Repairs) and specialised in the repair of vehicles damaged in road traffic accidents. The business flourished, and shifted towards the supply of classic car parts, which continued up until recently.
Company profits and success continued to soar as niche markets were exploited and investments into machinery were made. However, a tragic sequence of illnesses suffered by both the Director and Office Manager resulted in a significant decline in turnover, placing the company in financial distress.
Despite relentless efforts from staff members, and numerous personal sacrifices by the Director to mitigate cashflow issues, the company entered a position where it could no longer operate on the turnover being generated.
Ultimately, absence from the company due to illness, inability to secure an additional Time To Pay Arrangement from HM Revenue & Customs and lack of available working capital to introduce to the business were attributed to the company’s failure.
Dean Nelson, Head of Business Recovery and Insolvency at Smith Cooper comments “The circumstances surrounding the liquidation of Earlpart Ltd are undoubtedly distressing, and despite desperate attempts to save the business, it was unable to recover. We are now in the process of dealing with Earlparts assets, and will strive to achieve the maximum outcome for all involved.”
If you have been affected by the liquidation of Earlpart Ltd, or have any further queries, please get in touch with Connor Gratton by emailing email@example.com