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Ryan Grant, Chris Pole, and Sam Birchall of Interpath have been appointed joint administrators to Moveero’s UK operating entities to oversee a sale of the business.
The administration affects Sankey Holding Limited, Moveero Limited, and Autostructures UK Limited, which operate a manufacturing facility in Telford employing approximately 250 staff.
The UK division has faced operational challenges attributed to a weakened off-highway market and significant downward pricing pressure from competitors.
While the UK entities enter insolvency, the wider Moveero group’s operations in the United States and Denmark remain profitable and are unaffected by the proceedings.
The joint administrators have secured funding and support from key customers to maintain current production and delivery schedules.
This arrangement allows the Telford site to continue trading while Interpath explores a potential sale of the business and its assets. All staff have been retained during this initial period to complete existing orders.
The directors stated the appointment was necessary to protect creditor interests following several years of challenging market dynamics in the heavy machinery sector.
Interpath will now prioritise a search for buyers for the UK assets, which have a manufacturing history dating back to 1908.
The focus remains on maintaining the trading platform to maximise the value of the business as a going concern.
Management noted that despite attempts to improve financial performance over the past 12 months, the combination of high competition and reduced market demand necessitated the formal insolvency process to provide the business with additional time to evaluate strategic options.
Grant said: “We have been pleased with the conversations and financial support provided by customers, which has provided the businesses with a lifeline, enabling us to trade while we explore options. We extend our thanks to the employees for their support and understanding while this process continues.”
David Geraghty, CEO of Moveero, added: “Against a difficult economic backdrop, we have worked over the past 12 months to improve the financial performance of the UK business. We are grateful for the support of our team and our customers who have provided us with funding which has given us the additional time we need to continue to explore options.”
