New Engineering - Administration

New Engineering, a Midlands-based engineering company, entered administration on 1 August.

The company, which was formed after the business and assets of Neos Superform and Neos Composite Solutions were purchased out of administration, employs about 120 people across sites in Worcester, Derby and Kidderminster.

Mike Denny and Mark Firmin of Alvarez & Marsal were appointed as joint administrators and said that the company has been experiencing significant cash pressures in recent months, exacerbated by project delays, cost inflation and limited availability of trade credit.

Bibby Financial Services has a registered charge against the company.