New Engineering picks A&M for administration
Alvarez & Marsal has been appointed to the administration of Midlands-based company New Engineering. The professionals will now assess the available options for the business, and encourage any interested parties to contact them as soon as possible.
New Engineering is an engineering business which operates sites in Worcester, Derby and Kidderminster. The company was itself formed out of an administration process – when in March 2023, the business assets of Neos Superform and Neos Composite Solutions were packaged into a new entity.
As part of Néos International, supplied super-formed aluminium and magnesium alloy components to major OEM customers the rail, aerospace and automotive markets in addition to other markets such as design, architecture and medical. In its old form, the company had 175 jobs, which administrators from Keystone Law said they were “delighted to have helped secure”. However, New Engineering most recently employed just 120 staff, suggesting not all of those roles were actually saved the first time.
Looking ahead, New Engineering has selected professionals from Alvarez & Marsal for its own administration. With over 10,000 people providing services across six continents, the firm delivers tangible results for corporates, boards, private equity firms, law firms and government agencies facing complex challenges.
Mike Denny, a joint administrator from A&M, commented, “New Engineering has been experiencing significant cash pressures in recent months, exacerbated by project delays, cost inflation and limited availability of trade credit.”
Denny and Mark Firmin will now explore all the available options for the business at pace. They encourage any interested parties “to contact us as soon as possible.”
