Coventry-based Nasmyth Group is scrambling to find a buyer as it teeters on the brink of collapse after a restructuring plan was blocked amid objections from HM Revenue & Customs, Sky News can reveal.
A supplier of precision engineering services to the aerospace and defence industries is on the brink of collapse after its shareholder’s plans to restructure the business were blocked amid objections from the tax authorities.
The emergency sale process comes days after the High Court rejected a proposed restructuring plan that would have 'crammed down' creditors including HM Revenue & Customs . Nasmyth provides complex precision engineering services to a range of industries which also includes space and automotive. "It is the intention of the board to continue to stabilise the company and ensure that this important part of the British aerospace sector can continue to trade successfully for the long-term."For the avoidance of doubt, the NOIA applies only to Nasmyth Group Limited, an intermediate holding company. The wider group is not impacted, and its subsidiary trading companies will continue to trade as normal during this period, with the full support of all stakeholders.
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