Anthony Collier and Simon Farr of business advisory firm FRP are seeking a buyer for Range Cylinders, a Wakefield-based manufacturer of hot water cylinders and related products.
According to a company statement, the business has encountered material challenges to trade and working capital which has led to the administration.
The administrators said they intend to retain Range Cylinder’s 90 employees and continue trading while exploring opportunities to secure a new owner or investment. They added that the business’s assets present an opportunity for a strategic buyer seeking to acquire an established business in the heating and water solutions sector.
Anthony Collier, joint administrator at FRP, said: “Range Cylinders has been a successful trading division with a long heritage and a recognised brand in the market. While the business has faced challenges in recent months, it remains an attractive proposition for the right investor, with a range of high-quality products and an established customer base. We are engaging with several interested parties and would encourage any other potential buyers or investors to get in touch as soon as possible.”