Engineering firm to sell off railway assets
Established in 1977, Rowlescourt Engineering specialised in machined and fabricated goods for the rail industry, producing items such as point fittings, trackside furniture, signalling equipment and components for trains and carriages. The company counted Network Rail, Siemens and Tarmac ABB among its many clients.
The firm ceased trading in its 40th year of running, however, after strong competition in the sector put it under increasing pressure. Administrators from local insolvency specialists Wilson Field were appointed to the company on 23 October to oversee its affairs.
The Somercotes-based company employed 35 workers, all of whom were made redundant in October, and recorded a turnover of £1.21 million in 2016.
Rowlescourt will now look to sell its freehold industrial and office premises, which are located on a 1.66-acre site at Clover Nook Road on the Cotes Park Industrial Estate, as well as a wide range of assets and plant. These include a selection of automating computer equipment, machine tools, office furniture, design equipment and stock material.
Kelly Burton, director and insolvency partner at Wilson Field who was appointed as joint administrator along with Lisa Hogg, said Rowlescourt folded despite its previous successes and reputation in the railway industry.
She added: “Whilst it is always disappointing when jobs are lost, it also opens the door for new investors.
"This a rare opportunity to obtain a wide range of unencumbered assets which could have a number of applications. We are looking to conclude a sale as quickly as possible."
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