50 jobs lost as Kegworth engineering firm falls into administration

Slack & Parr will continue to trade despite the move after 'cashflow issues' were discovered

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Fifty jobs have been lost at a Kegworth engineering firm after it fell into administration. Slack & Parr had been an industry leader, but faced a series of financial challenges that led to the move.

The family-run firm, which is based in Kegworth’s Long Lane, has been running since 1917 and was a global manufacturer of supplies ranging from gas metering pumps to hydraulic flow dividers. However, administrators Howard Smith and Chris Pole from Interpath Advisory were called in last month after 'cashflow issues' were discovered at the company.

Efforts to find a buyer have so far been unsuccessful, with Interpath Advisory retaining 100 staff since being appointed. However, they confirmed that 50 jobs have been lost as part of the administration process. Slack & Parr is part of a wider group which has subsidiaries in the USA and China, but it is only the Kegworth base that is affected by administration. As a whole, the Slack & Parr group delivered a turnover in excess of £13 million this financial year.

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However, the Kegworth base saw struggles mirrored across the industrial manufacturing sector linked to rising costs of raw materials. Increased energy and labour costs have also put strain on the firm’s finances.

For now, Slack & Parr continues to trade from Kegworth while administrators look to find a buyer for the business and its assets. Howard Smith, managing director at Interpath Advisory and joint administrator, said: “For over 100 years, Slack & Parr has grown to become a market leader in high precision engineering, supplying gear metering pumps and rotary flow dividers to high-profile customers including leading automotive manufacturers.

"As we explore options for a sale of the businesses and their assets, we would encourage any interested parties to make contact with us as soon as possible.” Those interested in Slack & Parr should contact the administrators by emailing: [email protected].