Administrators appointed at £21m-turnover lighting specialist

12 December 2018

Administrators appointed at £21m-turnover lighting specialist

A £21m-turnover smart wireless lighting specialist has appointed administrators, with a number of staff made redundant.

Sarah O’Toole and Chris Petts of Grant Thornton UK were appointed as administrators to Harvard Technology Ltd on 10 December 2018.

The company, based at Normanton, near Wakefield, has operated in the lighting industry for the last 25 years. It produces LED lighting drivers and engines and providing wireless control solutions for both indoor and outdoor lighting through its EyeNut and LeafNut systems.

The administrators said "significant progress" had been made on a turnaround of the business over the past two years. However, challenging trading conditions and cash flow pressures had led to the board exploring a sale for a number of weeks.

They said: "Despite these efforts, the directors have been unable to secure the survival of the company in its current form and could not continue to trade the business given the increasing funding needs.

"Whilst we continue to explore the possible sale of parts of the business, a number of redundancies have had to be made. Whilst these redundancies were unavoidable, such decisions are always difficult, particularly at this time of year."

Harvard Technology Ltd reported turnover of £21.2m for the financial year ending 31 October 2017, with a pre-tax loss of £4.2m.

If you are under notice of redundancy or your post has already been terminated, Works Bettter can help. Even as a professional, seeking alternate employment can be a lonely job, but not with our support. We fast track you to facilitate the transition to another suitable role, making sure it is a trauma free journey. Call: 01484 221 000 for a no obligation chat about your options or for more information visit workbetter.