Franklyn Yates Engineering, a Derbyshire-based provider of mechanical and electrical services, has entered administration due to severe cashflow problems. Specialising in industries such as power, water, and energy from waste, the firm’s struggles stemmed from difficulties with a key contract, leading to financial instability.
The company’s joint administrators, Tyrone Courtman and Gareth Harris from RSM UK Restructuring Advisory, were appointed on July 15. They are now focused on liquidating the company’s assets to maximise returns.
Following the administration, 25 employees were made redundant, and the company’s future remains uncertain. In 2023, Franklyn Yates Engineering reported assets valued at £5 million and net assets just under £2 million.
The Greenbank Group, which owns Franklyn Yates, has confirmed that other businesses within the group remain unaffected and continue to operate normally.
