Harlow company Smiths set to go into administration
Business / Sun 2nd Feb 2020 at 03:36pm
A HARLOW-based precision engineer is set to collapse into administration tomorrow after a cash crunch it claims was sparked by a Chinese investor stealing its intellectual property and reneging on an £8m deal reports The Times.
Smiths (Harlow), which makes parts for Bombardier and Rolls-Royce, failed in a last-ditch attempt to find a rescuer. Administrators at FRP Advisory are on standby.
Smiths’ bosses and private equity backer Agathos struck a deal with China’s Future Aerospace in October 2017, but Future has since failed to pay the full price, citing trouble getting approval from Beijing.
Smiths signed three technology-transfer agreements, committing to train Future’s engineers in China and the UK, as well as reveal its quality-control processes, in exchange for the first £3m.
Smith sis based at Barrows Road in The Pinnacles, Harlow.
Link to full story in The Sunday Times is below.
https://www.thetimes.co.uk/article/stricken-engineer-smiths-harlow-blames-china-zskqsxcz6
jarrett
2020-02-03 08:04:31
Best of luck to all the people at Smiths in getting remployment, Did they get the 3 million before signing away the rights, if not that is a poor show from managment and btw the link to the Times is a paywall.
Daniel Reid
2022-07-07 08:59:36
The enemy within. Blinkered British companies blinded by lucrative deals too good to be true. Who needs a war when the enemy walks freely in our midst.
Carol Dalton
2024-04-18 06:50:50
I worked for Smiths (Harlow) Ltd back in the late 1970s 80s and am trying to find out if I was entered into the pension as scheme I do not have any contact details John Kemp was my boss then and had said that the pension scheme was just for the men but I thought I would check
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